Transcription of 2 Economic Systems - Weebly
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2 Economic Systems - Weebly
CONCEPT REVIEWS carcity is the situation that exists when there are not enoughresources to meet human 2 KEY CONCEPTA neconomic 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 Korea compare?
Atraditional economy is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation. The one goal of these societies is survival. Everyone has a set role in this task. Men often are hunters and herders.
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