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D270 Final (Garcia) Questions with 100% Verified Answers
UPDATED!!!
Developed economies - ANSWER economies marked by a
comparatively higher standard of living
Developing economies - ANSWER economies marked by low
industrialization, low standard of living, corruption
Emerging economies - ANSWER economies marked by rapid
growth, expanding industralization
Base of pyramid - ANSWER majority of population, poorest
Economic freedom - ANSWER absence of government coercion
State capitalism - ANSWER economic system where the state
decides when, where, how to use resources
Economic system - ANSWER system concerned with allocation
of scarce resources
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market economy - ANSWER resources allocated and controlled
by consumers (capitalism)
mixed economy - ANSWER mixture of government and private
ownership of resources
command economy - ANSWER government owns most or all
resources (communism)
GNI - ANSWER Total domestic and foreign output by residents
of country
GDP - ANSWER Total market value of all final goods in the
country
GNP - ANSWER Total incomes earned by residents of a country
regardless where assets are located
Purchasing Power Parity (PPP) - ANSWER The amount of money
needed in one country to purchase the same goods and
services in another country
D270 Final (Garcia) Questions with 100% Verified Answers
UPDATED!!!
Developed economies - ANSWER economies marked by a
comparatively higher standard of living
Developing economies - ANSWER economies marked by low
industrialization, low standard of living, corruption
Emerging economies - ANSWER economies marked by rapid
growth, expanding industralization
Base of pyramid - ANSWER majority of population, poorest
Economic freedom - ANSWER absence of government coercion
State capitalism - ANSWER economic system where the state
decides when, where, how to use resources
Economic system - ANSWER system concerned with allocation
of scarce resources
, 2|Page
market economy - ANSWER resources allocated and controlled
by consumers (capitalism)
mixed economy - ANSWER mixture of government and private
ownership of resources
command economy - ANSWER government owns most or all
resources (communism)
GNI - ANSWER Total domestic and foreign output by residents
of country
GDP - ANSWER Total market value of all final goods in the
country
GNP - ANSWER Total incomes earned by residents of a country
regardless where assets are located
Purchasing Power Parity (PPP) - ANSWER The amount of money
needed in one country to purchase the same goods and
services in another country
