2 Economic Systems - Weebly

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CONCEPT REVIEWScarcity is the situation that exists when there are not enoughresources to meet human 2 KEY CONCEPTAneconomic system is the way in which a society uses its scarceresources to satisfy its people s unlimited THE CONCEPT MATTERSHow does a society decide the ways to use scarce resources to meetunlimited wants? Its Economic system determines what to produce,how to produce, and for whom to produce. Although every countrytoday uses a mixture of Economic Systems , some mixed systemsprovide more Economic and political freedom and create morewealth than CAPITA GDPPer capita GDPYear02,0004,0006,0008,00010,00012,000 14,00016,0001994 1998 1996 2002 2004 2000 Source: United Nations Statistics Division SOUTH KOREANORTH KOREAHow do the economies of North Koreaand South Kor

Namibia in southern Africa, for example, have lived as subsistence farmers for centuries. (Subsistence farmers grow just enough to feed their own families.) Modern tele-communications, however, have bombarded the Kavango with images of the world beyond their homeland. As a result, many young Kavango want something more than the life of ...

  Economic, System, Namibia, Economic systems