Name: Video Animation
Uploaded: 2023-11-17
Duration: 3 min 28 s
Description: [image] A picture containing nature night sky northern lights.

 Video Presentation by Sahithi and Iknoor. 

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[image] A picture containing nature night sky northern lights

[Audio] An economic system is the way and economy functions. There are four main types, traditional, command, market, and mixed.. 

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An economic system is the way a society organizes the production, distribution, and consumption of goods and services. There are three main types of economic systems: traditional, command, and market. In a traditional economy, customs and traditions dictate what is produced and consumed. A command economy is where the government makes all the decisions about what and how to produce, while in a market economy, individuals and businesses make these decisions based on supply and demand.

[Audio] Three economic questions are What to produce. How to produce. For whom to produce. 

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[image] A picture containing sky outdoor sunset sun satellite

[image] A picture containing sky outdoor stars satellite

What to produce? How to produce? For whom to produce?

[Audio] In a traditional economy people rely on customs, and traditions from their past. A command economy is run completely by the government, while a market economy is on individual businesses and consumers. Lastly, a mixed economy is a blend of all systems.. 

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Traditional Economy-In a traditional economy, people rely on customs, traditions, and bartering to produce and exchange goods and services.
 Command Economy- A command economy is an economic system in which the government makes all economic decisions
 Market Economy-A market economy is an economic system where the prices of goods and services are determined by businesses and individuals.
 Mixed Economy-A mixed economy is an economic system that combines elements of both capitalism and socialism.

[Audio] Where you lie on the economic continuum tells you whether you are leaning mor toward command or market.. 

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[Audio] The standard of living refers to the comfort in which you are living in.. 

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A midsection of a person holding a miniature house

The standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. It encompasses factors such as income, access to education, healthcare, housing, and overall quality of life. A higher standard of living generally indicates better economic conditions and a more comfortable lifestyle for individuals or communities.

[Audio] The literacy rate is the percentage of adults who can read. 

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The Literacy rate of a country is the percentage of adults who can read and write. This affects the standard of living, because the more educated the better jobs, payment, and luxury

[Audio] GDP is the gross domestic product. The amount of goods produced in a year.. 

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Gross Domestic Product (GDP) is the total value of all goods and services produced within a country’s borders in a specific time period. It is used to measure the economic performance of a country and is an important indicator of its overall economic health. GDP includes the value of consumer spending, government spending, investment, and net exports (exports minus imports). It does not account for income earned by domestic residents from overseas investments or the depreciation of capital goods.

[Audio] Israel has about 488.5 billion. Saudi Arabia 833.5 billion. Turkey 819 billion. 

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The GDP of Israel- 488.5 billion

 The GDP of Saudi Arabia- 833.5 billion

 The GDP of Turkey- 819 billion

[Audio] The factors of economic growth are natural resources, human capital, capital goods, and entrepreneurship.. 

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Natural resources are materials or substances that occur in nature and can be used for economic gain, such as water, air, minerals, and forests.

Human capital refers to the knowledge, skills, and abilities that people possess and can contribute to the economy or a company.

Capital resources are the tools, equipment, and machinery used in the production of goods and services.

Entrepreneurship is when someone starts their own business and takes on the risks and responsibilities of running it.

[image] School girl holding up chemistry flask with blue liquid

[Audio] Natural resources come from the earth, these resources increase GDP, the country benefits if there is a large amount of these resources, and the most valuable is water.. 

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The more the natural resources the more production of goods, and the higher the GDP.  Natural resources are renewable  Water is the most valuable natural resource Benefits a country because there is no need to buy this resources to produce goods

[Audio] Human capital is vital for organizations, it is the skill of humans, this also increases the GDP.. 

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Human Resources (HR) is a vital component of any organization, as it is responsible for managing the employees and ensuring they have the skills and knowledge necessary to drive business success. One key aspect of HR is investing in human capital, which refers to the training, development, and education of employees to enhance their productivity and performance. This investment can lead to a significant increase in Gross Domestic Product (GDP), as a more skilled and educated workforce is able to contribute more to the economy. In fact, studies have shown that a 1% increase in human capital can lead to a 2.5% increase in GDP. This is because a well-educated and trained workforce is more productive, innovative, and efficient, leading to increased economic output and growth.

[Audio] Few facts about capital goods are that they are machinery that are used to produce goods. The more you invest in capital goods the higher the GDP.. 

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The more the capital goods, quicker and higher production of goods Capital goods include tools to create goods out of natural resources Examples- computer software, manufacturing equipment, and tools

Facts About Entrepreneurship.. Light bulb over people discussing. 

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Entrepreneurship is when someone starts their own business. The role of an entrepreneur is to take risks and create new ideas for products or services. Entrepreneurs have to be creative and hardworking to make their businesses successful. They also have to be good at managing money and making decisions. Sometimes entrepreneurs work alone, but other times they have a team of people helping them. It’s important for entrepreneurs to be determined and not give up when things get tough.

[Audio] Specialization is when you mainly focus on one thing.. 

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If you specialize in something, you are mainly focused on that thing So, countries specialize in different fields like oil, agriculture, and many other things

[Audio] Trade benefits buyers to get products that they don't have, and the producers get the money.. 

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Trade helps buyers and sellers in many ways. Buyers benefit from trade because they have access to a wider variety of goods and services from different parts of the world, which can lead to lower prices and good quality products. Sellers benefit from trade because it allows them to reach a larger market for their goods and services, increasing their potential for sales and profits. Trade barriers, such as tariffs, quotas, and embargoes, can hinder the flow of trade by imposing additional costs or restrictions on imported or exported goods. Tariffs are taxes on imported goods, while quotas limit the quantity of goods that can be traded, and embargoes prohibit trade altogether. These barriers can make it more difficult for buyers and sellers to engage in international trade, ultimately limiting the benefits that trade can bring.

[Audio] Trade barriers such as tariffs are taxes put on items for the shipping. Quota is a limit on an item, and embargo is a complete ban.. 

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Tariff- a tariff is when there is a tax on goods that are being shipped to another country Quota- a quota is when there has been a limit on an item Embargo- an embargo is a complete ban on that good due to reasons like politics

[Audio] The OPEC is the organization of the petroleum exporting countries. It is a group of countries that work together to keep the policies beneficial, and stable.. 

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The Organization of the Petroleum Exporting Countries, or OPEC, is a group of countries that work together to coordinate and unify their petroleum policies. The primary function of OPEC is to regulate the production and price of oil in order to ensure a steady supply and stable prices in the global oil market. OPEC has four main goals: to ensure the stabilization of oil markets, to secure an efficient, economic, and regular supply of petroleum to consumers, to ensure a fair return on capital to those investing in the petroleum industry, and to provide a steady income to producing countries. These goals are aimed at maintaining a balance between the interests of oil-producing nations and the needs of consumers around the world.

[Audio] A cartel are organizations set by individual producers to profit.. 

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Cartels are organizations set by individual producers to improve the profits OPEC is a cartel set by 5 countries

[Audio] Currency exchange is to make it easier to trade even with different currencies. It is when you make two currencies to one.. 

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Currency exchange is when you trade one country’s money for another country’s money. For example, if you go to Israel and you have American dollars, you need to exchange your dollars for Israeli shekels so that you can buy things in Israel. The same goes for Turkey and Saudi Arabia. In Turkey, they use the Turkish lira, and in Saudi Arabia, they use the Saudi riyal. So if you visit these countries, you would need to exchange your home country’s currency for the local currency in order to make purchases. Currency exchange rates can fluctuate based on various factors like economic conditions, geopolitical events, and government policies.

[Audio] Israel, Saudi and Turkey's have a mixed economy, but are leaning toward market. Israel specialize in technology, Saudi in oil, and turkey in capital goods.. 

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Facts about Israel, Saudi, and Turkey’s economic systems

Israel- is a mixed economy but is more market leaning. Israel specializes in high technology, especially in agriculture. The literacy rate of Israel is 91.75.

 Saudi Arabia- is a mixed economy but is more market leaning. Saudi specializes in oil. The literacy rate of Saudi is 94.84.

 Turkey- is a mixed economy but is more market leaning. Turkey specializes in different capital goods. Its literacy rate is 95.69.

[Audio] Thankyou. [image] A picture containing nature night sky northern lights. 

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Video Animation

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avatar

An economic system is the way and economy functions

There are four main types, traditional, command, market, and mixed.

Three economic questions are What to produce

In a traditional economy people rely on customs, and traditions from their past

A command economy is run completely by the government, while a market economy is on individual businesses and consumers

Lastly, a mixed economy is a blend of all systems.

Where you lie on the economic continuum tells you whether you are leaning mor toward command or market.

The standard of living refers to the comfort in which you are living in.

The literacy rate is the percentage of adults who can read

The factors of economic growth are natural resources, human capital, capital goods, and entrepreneurship.

Natural resources come from the earth, these resources increase GDP, the country benefits if there is a large amount of these resources, and the most valuable is water.

Human capital is vital for organizations, it is the skill of humans, this also increases the GDP.

Few facts about capital goods are that they are machinery that are used to produce goods

The more you invest in capital goods the higher the GDP.

Specialization is when you mainly focus on one thing.

Trade benefits buyers to get products that they don't have, and the producers get the money.

Trade barriers such as tariffs are taxes put on items for the shipping

Quota is a limit on an item, and embargo is a complete ban.

The OPEC is the organization of the petroleum exporting countries

It is a group of countries that work together to keep the policies beneficial, and stable.

A cartel are organizations set by individual producers to profit.

Currency exchange is to make it easier to trade even with different currencies

It is when you make two currencies to one.

Israel, Saudi and Turkey's have a mixed economy, but are leaning toward market

Israel specialize in technology, Saudi in oil, and turkey in capital goods.

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