Economy is a
system in which money is transferred, obtained, or given. It is important for a
country to have an good economy so the country can have enough income to
fund businesses and fund their own expenses. The economy also tells if the
country's living standard is good or bad. These are called economic indicators.
The following list contains the 4 indicators.
GDP ( Gross
Domestic Product)- the salary of the average family in a country
High for good
country
Literacy Rate-
percentage of people who could read and write in country
High for good
country
Life Expectancy-
how long an average person is expected to live in a country
High for good
country
Infant Mortality
Rate- number of deaths in 1,000 births
Low for good
country
There are 3 kind
of economies.
Free Enterprise
System- economy in which anybody can start a business and receive income, and
production of goods are based on the people, not the government, government
regulations protect the workers and consumers.
Socialism-
economy in which there are high taxes, and it operates for the welfare for all.
Communism-
economy in which it is SUPPOSED to be good, by all goods and services are
shared equally, the government owns all businesses and tells what the
businesses can produce and sell, they also tell the prices, and no private
property is allowed, but healthcare and education is free because it is
government funded.
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