Today you will make a comic strip for the governments of Southern and Eastern Asia.
The next day
I have my project finished.
In order for a business to be successful, entrepreneurs need to understand the three economic questions: 1.What to produce 2.How to produce 3.For whom to produce These questions can be easily answered by a government's economic system. The three types of economic systems are: 1.Market 2.Traditional 3.Command 4.Mixed Market economies allow a lot of economic freedom to citizens. Command economies give much less economic freedom to citizens. Traditional economies are economic systems where everything is determined by tradition. Mixed economies are a mixture of different economic systems.
Trade barriers are ways countries limit trade with other countries. There are five trade barriers. 1.Tariff 2.Quota 3.Embargo 4.Subsidy 5.Standards Trade barriers effect the trade of one countries goods between other countries. The factors of production determine what goods a country can make, how well a country can make those goods, and how many goods a country can make. The four factors of production are: 1.Natural Resources 2.Capital Goods 3.Human Resources 4.Entrepreneurship
The modern-day countries in Southern and Eastern Asia (China, India, Japan, and Korea) have their own economic systems. 1.China is said to be a socialist market economy 2.India is a developing mixed economy 3.Japan is mainly a mixed market economy 4.North Korea has a command economy 5.Vietnam is a socialist-oriented market economy