1. Types of Economic Systems Worldwide
Money, Money, Money, Money......Money
Economics 101
Types of Economic Systems Worldwide
Exchange of Goods
Scarcity of Resources

2. Economics 101 Traditional Feudal Mercantilist Capitalist Communist
Laissez
Faire
Free-Market
Economy
Command
Economy
Socialist
Global
Interdependence
Self-
Sufficient
Subsistence
Farming

3. Traditional Economy Based on: barter system (trading goods for goods)
I will teach my kids to be farmers too!
Traditional Economy
Based on:
Agriculture
Simple crafts like pottery and cloth-making
Goods are exchanged by Barter
barter system (trading goods for goods)

4. Feudal Economy Self-Sufficient A.K.A. the Manor System or MANORIALISM
Based on Self-Sufficient manors
Local communities can take care of all of their needs
Lords provide protection and serfs provide labor
Self-Sufficient

5. Mercantilist Economy The belief in gaining wealth by:
Gaining gold and silver
Selling more goods than they bought

6. If I work hard I will get the reward!!!
Capitalism
Economic system based on:
PRIVATE OWNERSHIP
&
INVESTMENT OF MONEY FOR PROFIT
If I work hard I will get the reward!!!

7. Communist Economy
Economic system where the Government commands the economy and there is no private ownership.
Government
Commands
Economy

8. Keep your hands off the economy Government!
Laissez-Faire
A nation’s economy runs best when the GOVERNMENT keeps its HANDS-OFF the ECONOMY
Keep your hands off the economy Government!

9. Market is free to act naturally
Free Market Economy
An economy run naturally by the law of supply and demand without government interference
Market is free to act naturally

10. Another name for Communism!
Command Economy
Economic system where the GOVERNMENT MAKES ALL ECONOMIC DECISIONS
&
COMMANDS THE ECONOMY
Government
Commands
SYNONYM ALLERT!!!
Another name for Communism!
Economy

11. Global Interdependence
The fact that most countries on Earth rely on each other to get things that they need.
The whole world trades to get things they need!

12. Self-Sufficient Antonym Alert!!! Opposite of Global Interdependence
Being able to take care of all of your own needs YOURSELF!
Feudal Manors were self-sufficient
Antonym Alert!!!
Opposite of Global Interdependence

13. Everyone gets an equal piece of the pie!
Socialism
Economic system where the factors of production are owned by the public and operate for the welfare of all
Government should plan the economy!!
Everyone gets an equal piece of the pie!

14. Subsistence Farming Making just enough crops for you and your family
All for me!
Making just enough crops for you and your family
NO SURPLUS