How Markets Work Economic Values

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Presentation transcript:

How Markets Work Economic Values Unit 2 How Markets Work Economic Values

The Three Economic Questions Any economic system must answer three questions, and it is how they answer these questions that determine what kind of economic system it is, from capitalism to communism. What do we make? How do we make it? Who gets it?

What do we make? (Guns or Butter?) So, what do we make with scarce resources? Since we cannot make everything, we need to decide what we will make. Should we make weapons, or consumer goods, and who decides? Does the government decide? Do we vote on it? Whatever will sell for the most? Viagra pills, or a cure for AIDS?

How do we make it? Just as important as what, is how. Do we go for the quickest possible construction, no matter what he consequences are, or do we move more slowly and carefully, even though it might take a long time? Quick and dirty? Slow and careful? Ford or Ferrari?

Who gets it? Perhaps the question that most people focus on, and is more more personal than the other two questions, is who gets the products we all make? This question has lead to strikes, riots, and even revolutions. Everyone? Some people? WASPs? Whoever can pay $$$?

Economic Goals as a part of Societal Values Economic Efficiency Reducing waste (use of resources), getting the job done on time (or early), making only what is needed Economic Freedom Choice, laws that do not restrict Economic Security and Predictability Ability to purchase the same item again, protection of property, economic safety nets, knowing that products will be available Economic Equity Fairness, not being taken advantage of Economic Growth and Innovation Product improvements, safer products, more choices

Additional Goals Environmental Protection Full Employment Universal Medical Care Sort Term versus Long Term Profit Product Safety Labor Rights and Worker Safety

Economic Systems Traditional Economy (Tribal?) Market Economy (Capitalism) Command Economy (Communism) Mixed Economy (Socialism: Usually a mix of Capitalism and Communism)

Economics as the foundation of Politics The interconnection of answering the three questions and government

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