Ms. Soles Social Studies Lesson 6 Human Geography: Economic Systems

Get ready for a quick trip around the world!

What do we mean by “Economic Systems”? An economy or economic system is a system of which various people make, exchange, and use things that have value.

The Three Basic Economic Questions of Any Country: 1 st What is going to be produced? 2 nd How will it/they be produced? 3 rd For whom will it be produced?

What were some of the earliest economies of the world like? ndow.html?pid=2151

What is the same in every economy? Owners and workers are called producers. The things that they make and sell are called products.

Consumers Consumers are the people who purchase the products and use them. As Webster’s Dictionary states: “ A consumers is one that utilizes economic goods.”

What is a basic difference in various economic systems? The basic difference is in WHO OWNS the workplaces. Some workplaces are privately owned. Other workplaces may be owned by The government.

Types of Economies 1)Capitalism: An economic system in which private individuals own most of the businesses. 2)Mixed Ownership: This is where there is a mix of private ownership with some government built and/or support of industry, building and maintaining roads, providing various public services.

3) Communism: An economic system in which the government owns and controls farms, factories, and offices.

Are there other types of economies? Let’s answer that question by looking at the following website: conomic_system

GDP Gross domestic product (GDP) refers to the market value of all final goods and services produced within a country in a given period. It is often considered an indicator of a country's standard of living. standard of living

Economics of the World

Developed Nations These are nations with more industries and a greater amount of advanced technology. The “Industrial Revolution” that began about 300 years ago, led to this type of economic system.

Developing Nations These are the nations that are still in the process of developing economically. They typically have fewer industries and simpler technology.

Greens: Highest Yellow-Oranges: Medium Red-Black: Lowest

Countries of Highest Economies

Characteristics of Developed Nations 1)People use most goods that are made in factories. 2)Advanced technologies are used by businesses to produce goods and services. 3)Most people live in or near towns and cities.

4)Most of the citizens get an education and healthcare. 5)Food is mainly grown commercially by farmers, who use modern technologies. 6)About 1/5 of the world’s population live in these countries.

1)Many people farm mostly to feed and care for their own families, (subsistence farmers). 2)People and animals, not machines, do most of the work. Characteristics of Developing Nations

3) Common Problems/Challenges; a.Diseases b.Food shortages c.Unsafe water d.Poor education e.Poor healthcare f.Political unrest

Development Assistance Committee Members Members of the OECD Development Assistance Committee. There are 24 members — 23 selected OECD member countries and the European Commission—in the Development Assistance Committee,[20] a group of the world's major donor countries that discuss issues surrounding development aid and poverty reduction in developing countries.[OECDEuropean CommissionDevelopment Assistance Committee[20]development aid poverty reductiondeveloping countries[

Development Assistance Committee Members

Have you learned new things about economics? Time to say farewell for now! Let take us away!!

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