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Economic Systems

Economic Systems. Preview:. What does it mean to be under someone’s command? What happens at a market? What are some things that are mixed? What does the word mixed mean?.

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Economic Systems

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  1. Economic Systems

  2. Preview: What does it mean to be under someone’s command?What happens at a market?What are some things that are mixed? What does the word mixed mean?

  3. The three basic questions of economics are used to determine how a country will use its limited resources.1. ________ will be produced?2. __________ will produce it?3. For _______ will it be produced?Each type of economy answers the three basic questions differently. The answers determine the type of economy the country has. What Who Whom

  4. The type of economy is determined by the extent of _______________ involvement in economic decision making. Government

  5. Fold bottom of paper up leaving about an inch of free space at the top. Foldable: fold

  6. Write Title Major Economic Systems

  7. Cut three slits down the bottom section of the foldable. Be sure they are evenly spaced. Cutting: Major Economic Systems

  8. Major Economic Systems Write this title on this flap. Traditional Economy Traditional Economy

  9. Major Economic Systems Write this title on this flap. Command Economy Command Economy

  10. Major Economic Systems Write this title on this flap. Free Market Economy Free Market Economy

  11. Major Economic Systems Write this title on this flap. Mixed Economy Mixed Economy

  12. Major Economic Systems Open this flap. Traditional Economy

  13. Traditional Economy • Economic decisions are based on custom and historical precedent. • People often perform the same type of work as their parents and grandparents • Basic needs are met by hunting, fishing, gathering and farming • Little technology https://www.youtube.com/watch?v=rG0_uMt0lKQ

  14. Major Economic Systems Open this flap. Command Economy

  15. Command Economy • Central (Government) ownership of property and resources • Centrally-Planned (Government-Planned) Economy • Lack of Consumer Choice • central = national government http://www.youtube.com/watch?v=fAmSnZKbF2A

  16. Major Economic Systems Open this flap. Free Market Economy

  17. Free Market Economy • Private ownership of property and resources • Profit Motive • Competition • Consumer Sovereignty(consumers rule) • Individual Choice • Minimal government involvement in economy

  18. Major Economic Systems Open this flap. Mixed Economy

  19. Mixed Economy • Individuals and businesses are owners and decision makers for the private sector • Government is decision maker for the publicsector • More government than in a free market but less than in a command • Most common economic system today.

  20. The United States is a ________ economy. Mixed

  21. Government Command Economy Market Economy Mixed Economy 0 10 No Example United States Japan England Germany Spain Switzerland China Cuba North Korea Vietnam

  22. Complete your processing activity

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