Comparative Economic Systems 2.1. kduncan.wikispaces.com.

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Presentation transcript:

Comparative Economic Systems 2.1

kduncan.wikispaces.com

Command vs Market Which is the best system? Why? FREEDOM V. EQUALITY

If you were education minister within a command economy, what type of education would you mandate?

‘We make good the difference in 10 years or they crush us’ Electricity ('000 million kw) Coal (million tons) Oil (million tons) Steel (million tons) 4618

Evaluating Economic Performance 2.2

Economic and Social Goals of the US Economic Freedom Economic Efficiency Economic Equity Economic Security Full Employment Price Stability Economic Growth

Equity Justice, impartiality, fairness For employment, it is illegal to discriminate on the basis of age, sex, race, religion, or disability.

Security Protection from adverse economic events: –Unemployment, layoffs, illnesses, disability, old age Social Security – federal program of disability and retirement benefits that covers most working people

TRADE-OFFS AMONG GOALS Full-employment vs. individual freedom –Policy that keeps foreign-made shoes out Economic growth vs. stability y security –A new shopping center built near a highway Could help stimulate economic growth in one area of a community while threatening merchants who run stores in a downtown area Equity vs. freedom –Minimum wage

Price Stability Stable prices Inflation – a rise in the general level of prices –Hurts people with fixed incomes – an income that does not increase even though prices go up The federal reserve increases interest rates to discourage businesses from borrowing and spending

INFLATION What is a dollar worth? /calc/ /calc/ Consumer Price Index, 1913-present – n/teacher/calc/hist1913.cfmhttp:// n/teacher/calc/hist1913.cfm Not Everything is More Expensive – siness/ _LEONHARDT_GRAPHIC.htmlhttp:// siness/ _LEONHARDT_GRAPHIC.html WHY??? Let’s the wiki!