Types of Economic Systems Worldwide

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Presentation transcript:

Types of Economic Systems Worldwide Money, Money, Money, Money......Money Economics 101 Types of Economic Systems Worldwide Exchange of Goods Scarcity of Resources

Economics 101 Traditional Feudal Mercantilist Capitalist Communist Laissez Faire Free-Market Economy Command Economy Socialist Global Interdependence Self- Sufficient Subsistence Farming

Traditional Economy Based on: barter system (trading goods for goods) I will teach my kids to be farmers too! Traditional Economy Based on: Agriculture Simple crafts like pottery and cloth-making Goods are exchanged by Barter barter system (trading goods for goods)

Feudal Economy Self-Sufficient A.K.A. the Manor System or MANORIALISM Based on Self-Sufficient manors Local communities can take care of all of their needs Lords provide protection and serfs provide labor Self-Sufficient

Mercantilist Economy The belief in gaining wealth by: Gaining gold and silver Selling more goods than they bought

If I work hard I will get the reward!!! Capitalism Economic system based on: PRIVATE OWNERSHIP & INVESTMENT OF MONEY FOR PROFIT If I work hard I will get the reward!!!

Communist Economy Economic system where the Government commands the economy and there is no private ownership. Government Commands Economy

Keep your hands off the economy Government! Laissez-Faire A nation’s economy runs best when the GOVERNMENT keeps its HANDS-OFF the ECONOMY Keep your hands off the economy Government!

Market is free to act naturally Free Market Economy An economy run naturally by the law of supply and demand without government interference Market is free to act naturally

Another name for Communism! Command Economy Economic system where the GOVERNMENT MAKES ALL ECONOMIC DECISIONS & COMMANDS THE ECONOMY Government Commands SYNONYM ALLERT!!! Another name for Communism! Economy

Global Interdependence The fact that most countries on Earth rely on each other to get things that they need. The whole world trades to get things they need!

Self-Sufficient Antonym Alert!!! Opposite of Global Interdependence Being able to take care of all of your own needs YOURSELF! Feudal Manors were self-sufficient Antonym Alert!!! Opposite of Global Interdependence

Everyone gets an equal piece of the pie! Socialism Economic system where the factors of production are owned by the public and operate for the welfare of all Government should plan the economy!! Everyone gets an equal piece of the pie!

Subsistence Farming Making just enough crops for you and your family All for me! Making just enough crops for you and your family NO SURPLUS