Complete Sentences for all questions. (2-3 sentences)
- What is a Free Market Economy? Give an example of how goods and services are distributed.
- What is a Command Economy? Give an example of two countries that has/had this type of economic system?
- What is a Mixed Economy? Why is the US considered mixed?
Critical Thinking
Read about North Korea’s economy at: http://www.heritage.org/index/country/northkorea
- How does a Command or Planned Economy affect the citizens of a country that maintains this type of economy? Use three or four examples from both the articles about North Korea in your response.
http://www.usnews.com/news/blogs/rick-newman/2013/04/12/heres-how-lousy-life-is-in-north-korea
- With the information you have found, which type of Economic System do you think would work the best: Free Market, Command or Mixed? Please support your answers and use your own words. Make me believe your opinion.
Answer the following questions.
- Calculate the hourly wage associated with the two annual income levels listed below. Assume that an individual works 40 hours per week for 50 weeks each year.
| Annual income | Hourly wage | |
| 2013 U.S. federal poverty line for a family of four | $23,550 | |
| 2013 U.S. median household income | $51,994 | |
- For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks each year). Record your calculations under “Annual income” in the table
| Hourly wage | Annual income | |
| Federal minimum wage | $7.25 | |
| Oregon’s minimum wage | $8.95 | |
| Average for all occupations | $23.87 | |
| Marketing managers | $51.90 | |
| Family-practice doctors | $82.70 | |
| Veterinary assistants | $11.12 | |
| Police officers | $26.57 | |
| Child-care workers | $9.38 | |
| Restaurant cooks | $10.59 | |
| Air-traffic controllers | $58.91 | |
Data source: U.S. Bureau of Labor Statistics (2013)
- Choose three hourly wages from the above list. What are some of the economic reasons for the difference in pay? Please discuss such factors as education, the laws of supply and demand, and international competition in your response.
- Choose a career that you are interested in pursuing by using this website. http://www.bls.gov/k12/content/students/careers/career-exploration.htm
Fill in the chart with information about this profession:
| Career Choice:
Healthcare: Registered nurse |
Median pay Hourly/Annually :
|
| Education required for this position:
|
Work related experience or knowledge needed: |
| Job outlook: Faster or below average? Why? | Summarize what the job entails:
|
| Why did you choose this career?
|
Important qualities needed for this career. |