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Warm Up: Economic Theories

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1 Warm Up: Economic Theories
FOLLOW THE DIRECTIONS BELOW Pick up a Economic Theories chart off the table. Create four small columns in the warm up section for today. Write each of the following words in their own section. (Capitalism, Socialism, Mixed Economy, Communism). Review the chart and write a brief explanation explaining how you think each economic system produces and distributes its goods.

2 Economic Theories

3 Growing Interdependence
Interdependence- nations interact or depend upon one another

4 The Role of Economic Systems
Economics- limited resources are used to satisfy people’s unlimited wants Capitalism- economic system, freedom of choice & individual incentive Free market- no government limitations on economic decisions

5 Adam Smith Free trade “The Wealth of Nations”
Laissez- faire: little or no government intervention Competitions will drive the economy

6 Free Enterprise Free Enterprise- freedom of private business/ ownership w/ minimal government regulation Law of supply and demand Regulations- (social security, meat inspection)

7 Mixed Economies Capitalism and Socialism
US: freedom of economic decisions & regulations

8 Socialism Socialism- economic system owns production, determines resources, distribution wages & products, provides social services Democratic Socialism- democratic in politics; but distribution of economic goods (Sweden, Denmark, Norway)

9 Communism Karl Marx- Communist Manisfesto
Proletariat- poor/ working Bourgeoisie-middle class Capitalists Class Struggle b/t proletariat & bourgeoise Communism- one class all property held in common, no need for government State owns land Controls mass communication

10 Command Economy Government planners decide 3 economic questions
What to produce How to produce And for whom to produce

11 Summary Write the questions then answer. Explain interdependence.
Discuss Adam Smiths theory. What is free enterprise? Explain the difference between Socialism & a Mixed Economy. Who is Karl Marx? What is his theory? What are the three economic questions.

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