Economic Theories Remember to title and date your notes. Also include ALL the bold information.

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Presentation transcript:

Economic Theories Remember to title and date your notes. Also include ALL the bold information.

Growing Interdependence Interdependence- nations interact or depend upon one another

The Role of Economic Systems Economics- limited resources are used to satisfy people’s unlimited wants Capitalism- economic system, freedom of choice & individual incentive Free market- no government limitations on economic decisions

Adam Smith Free trade “The Wealth of Nations” Laissez- faire: little or no government intervention Competitions will drive the economy

Free Enterprise Free Enterprise- freedom of private business/ ownership w/ minimal government regulation Law of supply and demand Regulations- (social security, meat inspection)

Mixed Economies Capitalism and Socialism US: freedom of economic decisions & regulations

Socialism Socialism- economic system owns production, determines resources, distribution wages & products, provides social services Democratic Socialism- democratic in politics; but distribution of economic goods (Sweden, Denmark, Norway)

Communism Karl Marx- Communist Manisfesto Proletariat- poor/ working Bourgeoisie-middle class Capitalists Class Struggle b/t proletariat & bourgeoise Communism- one class all property held in common, no need for government State owns land Controls mass communication

Command Economy Government planners decide 3 economic questions What to produce How to produce And for whom to produce