ECONOMIC SYSTEMS Unit 1, part 2

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Presentation transcript:

ECONOMIC SYSTEMS Unit 1, part 2 Chapter 2 1/15/2019 ECONOMIC SYSTEMS Unit 1, part 2 GOALS: List the three economic questions that must be answered by every society. Describe three types of economic systems. Identify five features of our market economy. Explain why economies are mixed systems. Explain why market economies are becoming common around the world.

KEY ECONOMIC QUESTIONS Chapter 2 1/15/2019 KEY ECONOMIC QUESTIONS What to produce? How to produce? For whom to produce?

TYPES OF ECONOMIC SYSTEMS Chapter 2 1/15/2019 TYPES OF ECONOMIC SYSTEMS Custom-based economy Goods produced as they always have been Less developed countries

TYPES OF ECONOMIC SYSTEMS Directed (planned) economy Resources owned & controlled by government Communist form of government

TYPES OF ECONOMIC SYSTEMS Market economy Democratic form of government Questions answered by those buying & selling goods & services Individuals are free to engage in business transactions Market – where buyers and sellers come together

OUR ECONOMIC SYSTEM Private enterprise Private property Capitalism Chapter 2 1/15/2019 OUR ECONOMIC SYSTEM Private enterprise Individuals may start or invest in any business , as long as it is not illegal to do so Private property The right to own, use & dispose of things of value Capitalism Economic resources are privately owned Free to decide what to buy Free to decide what to produce

OUR ECONOMIC SYSTEM Profit Competition Freedom of choice Econ decision driven by profit Competition Freedom of choice Entering the business you want Selecting the career you want

MIXED ECONOMIC SYSTEMS Chapter 2 1/15/2019 MIXED ECONOMIC SYSTEMS An economic system usually gets its name from the way its economic resources are owned and controlled. Most countries have mixed economic systems.

EMERGING MARKET ECONOMIES Chapter 2 1/15/2019 EMERGING MARKET ECONOMIES The economic success of market economies has caused many countries to reexamine their economic systems. The weakness of controlled economies have caused many nations to change to market or mixed economies.

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