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Economic Systems

Economic Systems. Americans tend to have strong reactions to the following terms. In your Geography notebook, write down 2 or 3 characteristics that come to mind for each of the following terms… It is ok if you don’t know for sure…guess. Free Enterprise (also called Free Market or Capitalism)

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Economic Systems

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  1. Economic Systems Americans tend to have strong reactions to the following terms. In your Geography notebook, write down 2 or 3 characteristics that come to mind for each of the following terms… It is ok if you don’t know for sure…guess. • Free Enterprise (also called Free Market or Capitalism) • Socialism • Communism

  2. Economic Systems Number 1-3 in your Geography notebook. Next to each number, write the economic system that you think goes with each phrase. • From each according to his ability, to each according to his deeds. • From each according to his ability to each according to his needs. Decisions on what to produce are based on the needs of the whole society, not an individual. • Production is privately owned & operated for profit, usually in competitive markets.

  3. Answers… FREE ENTERPRISE: Production is privately owned and operated for profit, usually in competitive markets. (Supply/Demand) SOCIALISM: From each according to his ability, to each according to his deeds. COMMUNISM: From each according to his ability to each according to his needs.

  4. Economic Systems: Characteristics Fundamental Questions: • What should be produced? • How should it be produced? • Who gets what is produced? • Advantages and Disadvantages?

  5. Economic Systems: Characteristics Copy this in your Geography notebook…. • Free Enterprise: based on supply/demand, produced in privately owned businesses with little government involvement, individuals with the means to purchase the goods receives the product. Who has the power?? Consumer • Socialism: based on what is needed for the greater good (NOT the individual). Produced by collective labor, those who contributed to the labor receive the finished product. Reduced incentives. Who has the power?? Laborer • Communism: based on what is needed for the greater good (NOT the individual). Produced by collective labor, those with the biggest NEEDS receive the finished product. Government, or a small elite group typically owns factories, businesses etc. This elite group, or the government makes the decisions. Who has the power? Government

  6. Free Enterprise Socialism Communism Now, take what you have learned about these three economic systems and use what you know about other countries to classify each country into one of these economic systems using a chart similar to the one below. USA Cuba Japan Sweden China Venezuela Canada N. Korea Vietnam Norway Laos England Mexico

  7. * These Countries have self proclaimed ‘Communist” governments, however, they claim to practice Socialist Economic systems.

  8. Production of Goods & Services Subsistence Agriculture v. Commercial Agriculture • Think about the difference between these two types of agriculture. What are the primary differences and what do they each look like? Cottage Industries v. Commercial Industries • Now think about the difference between these two types of industry. What are the primary differences and what do they each look like? • You are going to view a slide show of photos. Use the clues in the photos to determine which category each falls into.

  9. Levels of Economic Activities • Primary • Secondary • Tertiary • Quaternary Questions to consider… 1. How do each of these influence the economic development of a country? 2. If a country is mainly primary, will it ever become a developed country?

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