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ECONOMIC SYSTEMS - PowerPoint PPT Presentation

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ECONOMIC SYSTEMS. First… The way people from around the world choose to do things differs greatly. Agreed? The cultural differences between the world’s population can be as wide as an ocean.

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  • First…

  • The way people from around the world choose to do things differs greatly. Agreed?

  • The cultural differences between the world’s population can be as wide as an ocean.

  • We Americans, who happen to be the most commercialized people on earth, can be amazed at these differences, we cry, giggle, are grossed out, etc…


Around the world a smile can relay many emotions, not just happiness or pleasure as in the U.S.

In Japan, people smile when they are sad, angry, confused, and happy. Asians smile to show disagreement, anger, confusion, and frustration.

Some people from Japan and Asia will not smile for official photos, such as passport photos, because these are considered serious occasions and they do not want to look as though they are not taking the situation seriously.

Eye contact varies around the world as well. People from many Asian and Latin American cultures avoid direct eye contact as a sign of respect.

Food and Dining

Some good ‘ol American cuisine may seem unusual to other people around the world. For example, marshmallows (and s'mores for that matter), watermelon (and spitting seeds), hot dogs, and corn on the cob may cause foreigners to raise their eyebrows in curiosity. In many countries, corn -- especially on the cob -- is fed only to animals.

Many Asians and Saudi Arabians make noise when eating to show their appreciation for the food. Be sure to interpret this as a compliment, not as bad manners.

Keep in mind that the U.S. versions of many Chinese, Italian, and Mexican dishes are very different from what is actually served in those countries.

In a number of countries around the world, apart from being kept as pets, certain breeds of dogs are slaughtered as a source of meat and specifically raised on farms for that purpose. (Ex. Parts of Nigeria, China…)

Snails are also seen a notable delicacy in China and in several Asian countries along with France and other Mediterranean countries. However, in Britain, Ireland, and America, eating them may be seen as disgusting.

Guinea pigs, or cuy are a significant part of the diet in Peru, mostly in the Andes Mountains highlands.

Please, don’t eat me!

Hand Gestures Around the World

Thumbs up: considered rude in Australia, Afghanistan, Nigeria, and some other Middle Eastern countries

Crooked index finger

(come here gesture): considered an obscene gesture in Japan, used to call animals in Yugoslavia and Malaysia, and considered a threatening symbol to children in Southeast Asia.

In some countries licking a stamp is strictly taboo!

  • The POINT:

  • The way people choose to live economically (using resources, meeting wants and needs, types of businesses, distributing resources, etc…) can differ greatly as well.

  • How they have chosen to live economically is called an economic system.

Definition of an Economic System:

The way a society has chosen to use their limited resources to satisfy their unlimited wants and needs.

Societies all around the world have chosen to do things in their own unique way, BUT no matter what they have chosen, their economic system will be a MIX of these three:

1. Traditional

2. Command

3. Free Market

But what about the past?

All through history societies have chosen to use their limited resources in very different ways – some good, some bad. One example is Europe in the Middle Ages. These were called Feudal times – or the age of Feudalism.

What’s wrong with Feudalism?

We are medieval knights! Rah!

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