Economics Chapter 19-21 Questions/Identifications – Answer the following in complete sentences.

7 Topic: Allocation of Resources

Standard: Identifies the three questions facing every economic system and analyzes how our society has organized to answer these questions.
- What will be produced?
- How will it be produced?
- For whom will it be produced? <

9 Topic: Types of Economic Systems

Standard: Differentiates among traditional, command, market and mixed economic systems with regard to ownership of property, distribution of income, and role of government and economic incentives.

Chapter 19 – Comparative Economic Systems

1-10 Answers only, Reviewing Key Terms page 496
  1. Explain the role of government in a capitalist economy.
  2. Describe how the people in a socialist economy help allocate the use of resources.
  3. Describe how answers the basic economic questions in a communist economy.
  4. Describe the problems that central planning caused in the Soviet Economy.
  5. Explain the impact Pestrokia had on the Soviet economy.
  6. List the problems that nations may face as they try to make the transition from communism to capitalism.
  7. Explain the role government plays in Japan’s economy.
  8. Describe how the approaches to economic growth differ in the regions of Hong Kong and Singapore.
  9. Trace Sweden’s transition from socialism to capitalism.
  10. Do you personally think communism "could" have been a good thing for the workers of the world? Explain.

Chapter 20 – Developing Nations

1-10 Reviewing Key Terms, answers only.

  1. Identify the three reasons why industrialized countries are concerned about the problems of developing nations.
  2. Explain in why a government would be an obstacle to economic development.
  3. Identify a few reasons why for the occurrences of capital flight.
  4. Name and describe at least four changes that take place in the take-off stage of economic development.
  5. Name a few things the World Bank suggests for developing nations.
  6. What are three sources of financial capital for development?
  7. Explain 2 old (book) and 2 (you) new ways how developing nations can attract foreign capital.
  8. In your opinion, what would happen if all industrialized nations developed a purely capitalistic attitude and began massive exploitation of developing nations?

Chapter 21 – Global Economic Challenges

1-9 Reviewing Key Terms, answers only
  1. Explain where and why you think the most rapid rates of population growth are found.
  2. Name the three major nonrenewable energy resources.
  3. What is the most restrictive issue surrounding nuclear energy?
  4. Summarize the economic situation in the US after the oil price increases in the 1970s.
  5. Does the Environmental Protection Agency wish to end all oil drilling, support your answer.
  6. What controls exist, in a market economy, that ensure all resources will be used wisely?
  7. Name and describe the major points involved in the decision making process.
  8. How would a cost benefits analysis benefit you if you were a textile manufacturer?
  9. How important is the ability to change? Explain your answer.
  10. At America’s given pace of resource use, what do you think the major issues will be in 50 years?