Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
I.
Economic Standards: Types of Economic Systems
SS7E8 The student will analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
SS7E8 The student will analyze different economic systems.
1.
What does it mean to analyze something?
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2.
What is an economic system?
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________________________________________________________________________ a.
Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
3.
What is a traditional economy?
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4.
What is a command economy?
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5.
What is a market economy?
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The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the location, customs, beliefs, and laws of the society.
6.
What does it mean to produce something? What is an example of production of goods/services?
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Due 12/09/11 Page 1 of 6

Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
7.
What does it mean to distribute something? What is an example of distribution of goods/services?
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8.
What does it mean to consume something? What is an example of consumption of goods/services?
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9.
What is a society?
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10.
How is the production, distribution, and consumption of goods/services produced by the society (aka the economy of a society ) affected by the location of the society?
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11.
How is the production, distribution, and consumption of goods/services produced by a society (aka the economy of a society ) affected by the customs, beliefs, and laws of the society?
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________________________________________________________________________ b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command.
12.
What is a continuum?
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13.
What is a mixed economy?
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14.
Why do most countries have a mixed economy on a continuum in between pure market and pure command?
Due 12/09/11 Page 2 of 6

Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
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SS7E8 The student will analyze different economic systems. c.
Compare and contrast the economic systems in China, India, Japan, and
North Korea.
What are the similarities and differences of the economic systems in South Africa,
Nigeria , Israel, Saudi Arabia, Turkey, China, India, Japan, and North Korea ?
Countries Type of Economy What do they produce?
How do they produce it?
For whom do they produce it?
China
India
Japan
North Korea
II. Economic Standards: Voluntary Trade
SS7E9 The student will explain how voluntary trade benefits buyers and sellers in
Southern and Eastern Asia. a. Explain how specialization encourages trade between countries. b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. c. Explain why international trade requires a system for exchanging currencies between nations.
SS7E9a. Explain how specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos.
15.
What is voluntary trade?
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16.
What is specialization?
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Due 12/09/11 Page 3 of 6

Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
17.
How does specialization encourage trade between countries?
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Types of Trade Barriers
18.
What is a tariff?
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19.
What is a quota?
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20.
What is an embargo?
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21.
How do tariffs, quotas, and embargos serve as barriers to trade?
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________________________________________________________________________ c. Explain why international trade requires a system for exchanging currencies between nations.
22.
What is international trade?
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23.
What is currency?
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24.
Why does international trade require a system for exchanging currencies between nations?
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SS7E10 The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP). b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP). c. Describe the role of natural resources in a country’s economy. d. Describe the role of entrepreneurship. a. Explain the relationship between investment in human capital (education and training) and gross domestic product (GDP).
Due 12/09/11 Page 4 of 6

Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
25.
What is human capital?
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26.
What is an investment?
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27.
What does it mean to have investment in human capital?
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28.
What is the gross domestic product?
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29.
What is the relationship between investment in human capital (education and training) and gross domestic product (GDP)?
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________________________________________________________________________ b. Explain the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP).
30.
What is capital?
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31.
What does it mean to have an investment in capital?
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32.
What is the relationship between investment in capital (factories, machinery, and technology) and gross domestic product (GDP)?
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________________________________________________________________________ d. Describe the role of entrepreneurship.
33.
What is entrepreneurship?
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Due 12/09/11 Page 5 of 6

Unit 6 Packet: Economies of Southern and Eastern Asia Name:_________________
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34.
What is the role of entrepreneurship in Southern and Eastern Asia?
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SS7E10 The student will describe factors that influence economic growth and examine their presence or absence in India, China, and Japan. c. Describe the role of natural resources in a country’s economy.
35.
What is the role of natural resources in India?
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36.
What is the role of natural resources in China?
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37.
What is the role of natural resources in Japan?
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Country Type of economy
Human capital
(Knowledge and skills)
Capital
(Factories, machinery, and technology)
Literacy
Rate
Natural
Resources
India
China
Japan
Due 12/09/11 Page 6 of 6