Economies Around the World How each countries economy is different from one another.

Exit Ticket Think about the differences between all four economies, as far as financial level, technology, the government, and the people. Answer the LEQ by explaining how all four economies are different from one another in a paragraph.

UEQ and LEQ UEQ: How has a market economy evolved in the U.S.? LEQ: How do traditional, command, market, and mixed economies compare and contrast?

Vocabulary Economy Traditional Economy Command Economy Market Economy Mixed Economy Capitalism Free Enterprise

Economy Cartoon Warm Up Guestimate: What do you think an economy is? (Hint: Every country has one) Prediction: What has happened in the cartoon? Infer: Why would all the citizens in the cartoon be afraid of the economy hitting the ground? Why would people be afraid in real life? How come any government, like the U.S. Government, controls the economy? Can Anyone Stop The Bad Times? What caused the Bad Times?

Types of Economies Four types of economies around the world today. Traditional, Command, Market, Mixed Each economy is different because of government control and resources.

Traditional Economy Economy where basic decisions are made according to tradition. Countries: Asia (Mongolia, Philippines), Africa (Kenya, Ethiopia) South America (Chile) Traditions: Hunting, Gathering, Religion Everyone works together to benefit the society. Stick Fighting in Africa Fading Traditions

Traditional at its Worst

Command Economy Government controls land, labor, and capital and makes all decisions. Major Problem: People have no say, can be forced to do things, government is usually corrupt. Countries: USSR (Past Russia), China (changing), North Korea, Iran, Vietnam Soviet Union Military Parade

Command at its Worst

Market Economy Individuals own land, labor, and capital. Make choices about production, distribution, and consumption. Major Problem: Individuals control prices, corruption can exist and be severe. Countries: Haiti, Dominican Republic, Cuba Cuban Life Counterfeiting Mini-Coopers

Market at its Worst or Best???

Modern Economy Economy that mixes tradition, people controlling resources, and government control together. Countries: U.S., China, Russia, Brazil President Obama and The Modern American Economy Free Economy???

Modern at its Worst

Picture Study Look at the following slides of pictures and determine if the picture represents, a traditional, command, market, or modern economy. Be ready to give an explanation why you think a picture represents a certain type of economy.

Which Economy?

Which Economy?

Which Economy?

Which Economy?

MSNBC Article: U.S. Auto Industry Read the MSNBC article “GM, Chrysler may be in the fast lane to bankruptcy” Highlighter reading: “What are the two companies trying to achieve?” “How is President Obama reacting to what the two companies are doing?”” “How have the two companies tried to cut costs?” “Ultimately, what do many members of Obama’s administration feel is necessary?” “How will a bankruptcy help the companies?” Predict: What kind of economy do you think the U.S. is moving toward in the article and why? Write answer on article.