Types of Economic Systems

Slides:



Advertisements
Similar presentations
Economic Systems.
Advertisements

Economic Systems 4 Types.
ANSWERING THE 3 ECONOMIC QUESTIONS
Unit 1 Economic Concepts
Economic Systems. Economic System vs. Form of Government A.Economic System: The way goods and services are produced and distributed in a country. B.Form.
Foundations of Government Part 8: Economic Types and Systems.
The way a group of people produce and distribute goods and services.
Economic Systems Comparing Economic Systems. Warm Up- Economic Systems Free Market Voluntary exchange of goods between individuals and business in a market.
Traditional Economy Closely tied to the environment
3 Economic Questions Every country must answer these 3 questions
Economics 101.
What is an Economy? Free Enterprise System Standard 1 Objective 2.
III. Economic Systems.
Term 1 Economic system: An organized way of providing for the wants and needs of a countries people.
Three Types of Economies Types of Economic Systems Traditional Economy Command Economy Market Economy Mixed Economy These economies have different ways.
Microeconomics is the study of how individuals and businesses make decisions on how to use limited resources. Macroeconomics is the study of how whole.
Three Types of Economies. 1. Traditional Economy - economic decisions based traditions/customs - all members work together to support society - societies.
Chapter #3 Section #3 Resources and world trade. Economic Systems Used Around the World.
Economic Systems Civics Mrs. Kozlik Chapter 18 Section 3 CE 11b.
 Each economy has to answer three specific questions  How it answers these questions determines what kind of economy it is going to be.  The three.
Bellringer Who decides how many shirts you buy when you go to the store? Who decides what you eat? Or What profession you will have?
Marketing I Curriculum Guide. The World of Marketing Standard 1.
Economic Systems Chapter 2. The Three Economic Questions Every society must answer three questions:
LARRY CURLYMOESHEMP CURLY JOE.
The Economic System. Fundamental Questions What goods and services should be produced? What goods and services should be produced? How should these goods.
Basic Economic Concepts Economics: the discipline that deals with the allocation of scarce resources for the purpose of fulfilling society’s needs and.
Tuesday, March 17 Welcome back! Happy St. Patrick’s Day!  Bellringer:
Traditional Economies Found in rural, developing nations Customs govern the economic decisions Technology is not readily available Farming, hunting,
Economic Systems 2.1. Economic Systems: Different economic systems have evolved in response to the problem of scarcity. Economic system: A method used.
World Economic Systems
Answering the Three Economic Questions Ch.2-1 What key economic questions must every society answer? What basic economic goals do societies have? What.
Chapter 2 Economic Systems You mean there is more than one?
Economic Systems and the American Economy. Economic Systems Why do we, as American consumers, have so many choices?
ECONOMIC SYSTEMS. WHAT IS AN ECONOMIC SYSTEM? Economic system: the structure a society uses to produce and distribute goods and services.
Marketing I Curriculum Guide. The World of Marketing Standard 1.
SSEF4 The student will compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce,
 What is an economic System?  Method used by a society to produce and distribute goods and services  Which economic system a country uses depends on.
PPF and Opportunity Cost
Economics: SS7E1 The student will … Analyze different economic systems Traditional Economy Command Economy Market Economy.
BIG IDEAS = Responsibility, Choices, Changes, and Relationships
Economic Systems.

resources are scarce = Economies address 3 economic questions:
Class Definition Class Definition
Vocabulary Terms Chapter 2.
Economic Systems I will: identify parts of the 3 basic economy types and examples of countries for each We will: Identify and correctly label descriptions.
Spectrum of Mixed Economics
Basic Economic Concepts
Three Types of Economies
Economic Systems In this lesson, students will examine the four economic systems. Students will be able to define the following terms: An Economic System.
Economics Chapter 2 Review.
Answering the Three Economic Questions
Civics Mr. Collins and Mrs. Kozlik CE 11a
Bell Ringer # Why do we, as American consumers, have so many choices?
Economics in Asia SS7E5 The student will analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic.
Notes Economics - The branch of knowledge concerned with the making, buying, and exchanges of money, goods, etc.
Unit 1: Concepts (Economics) I
World Economic Systems
4 Types of Economic Systems
Unit 1 - Intro to Economics
Who gets what, and when do they get it?
Entrepreneurship Intensive Training
Chapter 2 Economic Systems
Types of Economies – u6 day 2
Economies.
Economic Systems and Decision Making
Key Economic Questions
Command, Traditional, Market
Economic Systems 1-3.
I N T E R N A T I O N A L B U S I N E S S ECONOMI C SYSTEMS Group Ⅲ.
Presentation transcript:

Types of Economic Systems

Traditional Economic Traditional economy – economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services

Traditional Economic Means of the Production is basically owned by the whole economic group Decisions are based on custom and tradition – like the ancestors did There is no competition, only custom and tradition is followed There is no profit, only enough to survive is produced

Traditional Economy The main factor for making decisions for the economy is that tradition must be maintained

Command Economy Command economy – economic system in which the central government makes all decisions on the production and consumption of goods and services

Command Economy Means of Production is owned by the government The government makes all of the decisions for the economy The government prevents competition from existing All of the profits go to the government, no profit for the people

Command Economy The main factor in decision making is what ever the government wants the government gets

Market Economy Market economy – economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

Market Economy The Means of Production is owned individually by the people The people make the decisions by deciding what they want to do or make Because of the way the economy is set up, there is a lot of competition Every business is set up to make profits

Market Economy The main factors in decision making are: What resources are available? What does the consumer want? What do I want to do? What kind of education do I have?

Mixed Economy Mixed economy – economic system that combines the free market with limited government involvement

Mixed Economy The Means of Production is owned by a mixture of all three: the government, the people, and some collectives Decisions are made by a mixture of all three: the government makes some decisions, the people make others, and there are some traditionalists

Mixed Economy Competition does exist in a mixed economy The profit motivation is divided: the government gets some, the people get some, and the traditionalist make just enough to survive and are happy

Mixed Economy The main factors in decision making are: What does the government want? What do the people want? What traditions must be maintained?