SS7_CRCT Review - 2011-4-21

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CRCT Review: “S+E Asia (Economics)”:

CRCT Review: “S+E Asia (Economics)” 7 th Grade Social Studies Thursday, April 21, 2011


SS7E8 SS7E8: “The student will analyze different economic systems.”


*SS7E8a* Traditional Economy: Based on customs and beliefs Command Economy: Government answers all economic questions Market Economy: Individual citizens answer all economic questions


*SS7E8b* All countries have mixed economies that are found on a continuum between pure command and pure market: Command -----(A)--------------(B)----- Market Mixed


*SS7E8b* “A” “A” is more of a command economy because the government makes more business decisions “B” “B” is more of a market economy because individual citizens make more business decisions


SS7E8c China: Communist government has recently made economic reforms; it is moving closer to the Pure Market side each year Rapidly industrializing North Korea: Communist government installed mixed economy that is very close to the Pure Command side (mainly government-owned businesses)


SS7E8c India: Rapidly industrializing Millions of farmers Japan: High amounts of capital goods and human capital Many entrepreneurs have helped economy


SS7E9 SS7E9: “The student will explain how voluntary trade benefits buyers and sellers in S+E Asia.”


*SS7E9a* Specialization encourages trade between countries


*SS7E9b* Trade Barriers: Tariff: Tax on imports Quota: Limit on imports Embargo: Limit on trade


*SS7E9c* In order for international trade to be successful, a system of exchanging currencies must be in place


SS7E10 SS7E10: “The student will describe factors that influence economic growth and examine their presence or absence in S+E Asia.”

*SS7E10a, SS7E10b*:

*SS7E10a, SS7E10b* Human Capital: Education and training When countries invest in “HC,” the GDP will increase When countries do not invest in “HC,” the GDP will not increase Capital: Factories, machinery, technology When countries invest in “capital goods,” the GDP will increase When countries do not invest in “capital goods,” the GDP will not increase


SS7E10c China + India They have many resources that have helped their economies Japan Has few natural resources However, its economy is highly advanced, and the lack of natural resources is not greatly affecting the country


*SS7E10d* Entrepreneurs can make significant contributions to a country’s economy

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