Comparative Systems Worksheet

Name Date

Comparative Economic Systems

Economic Systems: What would life be like in the North Korean economy? The institutional framework of formal and How would things be different in the economy of Chad? informal rules that a society uses to determine Why is Liechtenstein so wealthy? what to produce, how to produce and how to In this lesson, you will have the opportunity to compare these distribute goods and three economies to the U.S. economy, and you’ll practice using services. some tools that can help you to study any economy in the world.

1. Complete the data worksheet by using the CIA World Factbook at https://www.cia.gov/library/publications/the-world-factbook/index.html  If you copy and paste answers – format text appropriately to ensure readability on final copy  (suggested 8 pt. Arial font)

2. Answer the seven reflection questions after gathering the data.

3. Complete the assignment online and either print it or email it to me at [teacher email address] ______.

4. Last, play the matching game below to see if you can identify the elements of each economic system. Let me know how you do on it! http://www.glencoe.com/sec/socialstudies/tutor/economics/econtoday2005/puzzles/ett20 05_02.html

Data Worksheet United States North Korea Chad Liechtenstein

Geography Natural Resources – coal, copper, lead, How many and what molybdenum, phosphates, uranium, types of natural bauxite, gold, iron, resources are mercury, nickel, potash, available? silver, tungsten, zinc, petroleum, natural gas, timber note: the US has the world's largest coal reserves with 491 billion short tons accounting for 27% of the world's total Land Use – What arable land: 18.01% percentage of the land permanent crops: 0.21% other: 81.78% (2005) is arable (capable of being farmed)? Name Date

People Life Expectancy at total population: 78.11 Birth – How long are years country comparison to children born today the world: 49 expected to live? male: 75.65 years female: 80.69 years (2009 est.)

Total Fertility Rate – 2.05 children How many children born/woman (2009 est.) country comparison to does each woman the world: 126 have, on average? Literacy Rate – What definition: age 15 and % of people over the over can read and write total population: 99% age of 15 can read male: 99% and write? female: 99% (2003 est.)

Government Government Type – Constitution-based How are leaders federal republic; strong democratic tradition elected? Government Spending GDP (PPP): $14.26 as Percent of GDP trillion (2009 est.) Budget: revenues: (Budget Expenditures $1.914 trillion Divided by GDP). Find expenditures: $3.615 in Economy section trillion (2009 est.)

$3.615 trillion / $14.26 trillion = .25 (25%) Military Spending as a 4.06% of GDP (2005 Percentage of GDP. est.) country comparison to Find in Military the world: 28 section Economy Economy Overview – Long-term problems What are the most include inadequate investment in economic serious economic infrastructure, rapidly problems facing each rising medical and of these four nations? pension costs of an aging Summarize from population, sizable trade and budget deficits, and Economic Overview stagnation of family income in the lower economic groups. GDP Per Capita – $46,400 (2009 est.) What is the value of country comparison to the world: 11 goods and services produced per person? Population Below 12% (2004 est.) Poverty Line – How many people live in poverty? GDP Composition by agriculture: 1.2% Sector – What % of industry: 21.9% services: 76.9% (2009 GDP is industry and est.) services? Labor Force by farming, forestry, and Occupation – What fishing: 0.7% % of workers is in agriculture? Industries – What are leading industrial power Name Date the primary in the world, highly industries? diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining

Are the industries Mostly producing for the primarily producing for consumer (private citizens) consumer or government consumption? Determine this by assessing the industries and their consumers – answer not found at CIA WorldFactBook Agriculture Products – wheat, corn, other grains, What are the primary fruits, vegetables, cotton; beef, pork, poultry, dairy agricultural goods products; fish; forest produced? products

Industrial Production -5.5% (2009 est.) Growth Rate country comparison to the world: 110 Electricity Production 4.11 trillion kWh (2008 est.) country comparison to the world: 1 Communications Telephones – Main 150 million (2008) Lines in Use country comparison to the world: 2 Internet Users 231 million (2008) country comparison to the world: 2 Transportation Railways total: 226,427 km country comparison to the world: 1 Roadways (Paved and total: 6,465,799 km Unpaved Highways country comparison to the world: 1 paved: 4,209,835 km (includes 75,040 km of expressways) unpaved: 2,255,964 km (2007)

Airports with Paved total: 5,174 Runways

Reflection:

1. How can the presence or absence of natural resources and arable land affect a nation’s economy, regardless of the type of economic system? Name Date

2. How can life expectancy and literacy rates affect the quality of labor in the economy?

3. How can fertility rates affect the use of scarce resources?

4. How can GDP per capita and poverty rates indicate standards of living in each system?

5. How can the size of the industrial/service sector and the agriculture employment rate indicate the level of industrialization?

6. How can electricity, communication, and transportation facilities indicate the potential for industrial growth?

7. Considering the lack of natural resources, the labor problems, and the lack of capital and little industrialization of developing countries, how can developing countries develop? (Hint: Look at Economy - Overview for Chad).

8. Now that you have studied the economic characteristics of these three countries, define the terms market-oriented, command, and developing economy in your own words. For each term, describe the specific characteristics of the countries you studied that would help to support your definition. Name Date