Economic Systems Conclusion

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Presentation transcript:

Economic Systems Conclusion Obj: Understand strengths and weaknesses of economic systems ES: C-4 Explicitly assess information and draw conclusions Agenda: Economic System Spectrum Marginal Analysis Demonstration

Command vs. Market Remember, an economy is simply the mechanisms by which a central body enforces decisions about the allocation of their factor of production (WHO? WHAT? HOW?) Command-publically owned industry and a central authority is making decisions about production and consumption Market—production/consumption are a result of decentralized decisions from firms and individuals ***Who is answering the 3 key questions…

Failures: Command Public taste’s are difficult to predetermine Soviet Union routinely made incorrect predictions about what the people would want/need, thus, Their allocation of crucial raw materials was wasteful…shortages and inflations ran rampant Lack incentives!!! (rewards or punishments for certain choices) Imagine if you were a manager of a restaurant… No property rights---these drive people to produce things of value and put resources to their best possible use

Failures: Market Based on infinite growth, production, consumption All private individuals NEED to uphold morality and make responsible decisions (pollution and waste) Requires NO oversight from any government agency Markets can fail! When they do, how do they recover without complete devastation first?

The Economic System Spectrum Command 10 Market These markets are imperfect, completely theoretical, and could never exist in the real world The strongest economic systems simply have the best mechanisms in place to achieve the goals society deems most essential

The Economic System Spectrum Command 10 Market United States???

The Economic System Spectrum Command 10 Market China???

The Economic System Spectrum Command 10 Market France???

The Economic System Spectrum Command 10 Market North Korea???

Economic Freedom Index

In Summation People within these central bodies are the decisions makers!!! No “correct” system…based on meeting societies needs in ways that they value PEOPLE’S RESPONSES TO DECISIONS ROOTED IN SCARCE FACTORS OF PRODUCTION.