1. Zoo vs Jungle – Discussion Questions
Who would rather live in a Jungle? Who would choose the zoo? Why?
What are the most important reasons for your personal choices? What values or beliefs emerge in these answers?
What are the drawbacks to living in the environment you have chosen to live in?

2. Economic Systems
How we solve scarcity

3. The communists are coming!

4. ECONOMICS
Economics is the study of the production, distribution and consumption of Goods and Services.
An Economic System is the way a society organizes the production, distribution, and consumption of goods and services.)
They organize themselves this way in order to solve the problem of scarcity
– how can we balance unlimited wants/needs with limited resources (land, labour, capital)?

6. What do Economic Systems Value?
The PUBLIC GOOD is about what’s best for society as a WHOLE. Governments differ on how to achieve it.
COOPERATION: set aside individual interests to meet the needs of the group; recognizes needs and circumstances; values EQUITY – “Communism”
INDIVIDUALISM: what’s best for individuals will add up to what’s best for society; values creativity and INDEPENDENCE. - “Capitalism”
There are extremes at either end of the continuum. Can you think of some examples of other countries we can place on the continuum?

7. Economic Systems There are 3 types of Economic Systems:
Market Economic Systems (Right)
Planned Economic Systems (Left)
Mixed Economic Systems (Middle)
Economic systems are constantly changing to suit the needs, resources and ability of its country.

8. Market Economic System (right)
In these economies, resources (FOPs) are owned privately (individually), ownership is based on competition.
AKA: Laissez-Faire Capitalism; Private Enterprise, or Free Market Economy
Gov’t owns nothing, no gov’t involvement in economy (mostly)
Values individualism
Practiced by the USA

9. Centrally planned economies (left)
In these economies, resources (FOPs) are owned publically (collectively); there is no private property.
Decisions about the economy are made by the government based on it’s political judgment.
AKA: Public Enterprise, Command Eco. And Socialist
Gov’t owns everything. Completely involved
Values Collectivism
Common in Sweden, Finland, China, and Cuba

10. Market vs planned

11. Mixed economy (middle)
Combines both elements of Planned & Market Economies
Decisions are based both on the actions of individuals in the market and on government policies.
AKA Democratic Socialism, Welfare Capitalists
Has private AND public ownership
Values Collectivism & Individualism
Can be found in…Canada!

12. ECONOMIC SYSTEMS can SHIFT LEFT or SHIFT RIGHT
depending on social and political factors affecting the economy, such as VALUES, STANDARD OF LIVING and QUALITY OF LIFE.

13. Answering the basics
How Each Economic System Will Answer the Basic Economic Questions
Centrally Planned
Mixed
Market
What will be produced?
Essentials
Essentials/Wants
What the people want
By whom will it be produced?
Government
Government/ Entrepreneurs
Entrepreneurs
For whom will it be produced?
Citizens
Citizens/People who can afford it
People who can afford it

14. The Political and Economic Spectrum
COMMUNIST
CENTRALLY PLANNED
TOTALITARIAN
PLANNED
CAPITALIST
FREE MARKET FREE ENTERPRISE
LAISSEZ FAIRE
SOCIALIST
MIXED
MODIFIED MARKET
The Left side.
Change is good.
Large amounts of Government involvement in the economy
The Right side.
Change is bad.
Little or No Government involvement in the economy.

15. Pros and cons of Capitalism (Market Economy)
Competition makes people innovative
Better products at low prices
Encourages economic growth
Without gov’t intervention, less fortunate can be abused

16. Pros and cons of communism (planned economy)
Share of work
Share of products
Doesn’t usually work because man is selfish and sharing is difficult to establish and continue

17. Please complete your assignment