Comparing Economic Systems
What would life be like in North Korea? How would things be different living in Chad? In this lesson, you will have the opportunity to compare these two economies to the U.S. economy.In this lesson, you will compare several aspects of the economies of the United States (representing a market/mixed economy), North Korea (representing a command economy), and Chad (representing a developing economy). Use the comparative advantage chart given to you. Then go to the CIA World Factbook website listed below to find the information needed to complete the chart. On the CIA World Factbook site you will select a country (Chad, US, North Korea) to view on the right hand side -After you and your group has completed the chart, on your own -Using the information on your chart and any additional information needed from the above site, address the following questions in at least 3 paragraphs (each paragraph should be at least 5 sentences), showing how different economic systems can affect citizens standard of living- Everyone must turn in their own paper either in your classes in bin or on google classroom!1. How does the presence or absence of natural resources and arable (farmable) land affect a nation?2. How can life expectancy and literacy rates affect the quality of labor in an economy?3. How do fertility rates affect the use of scarce resources?4. How does GDP per capita and poverty rates indicate standards of living in each system?5. How can electricity, communication, and transportation facilities indicate the potential for industrial growth?