Unit 7: Economics and Choices

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Presentation transcript:

Unit 7: Economics and Choices The Economic System at Work

Economic Systems Economics = study of decision making in world w/ limited resources System used to produce/distribute goods/services Vary all over world Want-satisfaction chain = goods/services to satisfy wants Competition = main factor in setting prices

Types of Economic Systems Traditional Economy – based on traditions, culture, hist Grow / make goods to survive Barter sys / trade Undeveloped countries Command Economy – govt makes all decisions Govt owns all factors of prod & nat resources Communist govts (Cuba & N. Korea)

Types of Economic Systems Market Economy – decisions made by the ppl Personal needs/interests put 1st Based on freedoms & rights Little/no govt interference or reg Free market – right to buy & sell goods as you choose Most countries

Market Economy Based on 5 economic freedoms Freedom to compete To own property To buy & sell Of workers to compete for jobs To earn profits Want to make profit – $ left after expenses Competition for resources

Market Economy Supply & Demand: Most basic of all economic principals Leads to price changes Law of supply – if price goes ↑, supply goes ↑; if price goes ↓, supply goes ↓ Law of demand – if price goes ↑, demand goes ↓; if price goes ↓, demand goes ↑ Want balance / equilibrium price

Market Economy Free enterprise: bus. operate w/ little govt interference No limit on profits / no success guarantee Comp important for low prices, high quality Innovation – new ideas Patent – rights to sell for certain time Copyright – right to publish/sell writing, art, music Capitalism: productive resources privately owned Driving force of Amer econ Encourages $ investment to make $ Freedom to buy/sell as you please Benefits society as a whole

Market Economy Monopolies: only 1 company selling product/service Usually banned in most market econ Price fixing / gouging occurs Quality = problem Natural monopolies are legal – certain public utilities

U.S. Economic System Mixed economy – combines elements of diff econ sys Bus have freedom / regulations to meet Ex: wage laws, discrimination laws American business Large bus grew in late 1800s Big business essential Big businesses join together = conglomerates

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