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Final Country Project. Economic Systems of The World. Cerebral Calisthenics. Why does the economic system in which a person lives matter? How can it affect a person’s everyday comings and goings?. Three Basic Systems….

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final country project

Final Country Project

Economic Systems of The World

cerebral calisthenics
Cerebral Calisthenics

Why does the economic system in which a person lives matter? How can it affect a person’s everyday comings and goings?

slide3

Three Basic Systems…

There are Three Basic Economic Systems That Can Be Used To describe The Economic Spectrum….

…All World Economic Systems Fit Within These Categories to Varying Degrees…

  • Command Economies
  • Market Economies
  • Mixed Economies

Smaller Role Played By Government

Larger Role Played by Government

slide4

Distinguishing Economic Systems: Factors of Production

Who Controls The Factors of Production:

  • WHAT is produced?
  • HOW is it produced?
  • FOR WHOM is it produced?
slide5

Command Economy

WHAT?

Government Decides What is Produced

HOW?

Government Decides How Products Are Produced

FOR WHOM?

Government Decides Who Receives What is Produced

slide6

Advantages and Disadvantages of Command Economies

Advantages

  • Theoretically provides equality
  • Government provides broad range of public services
  • Public services provided at little to no cost
  • Government directed economy can shift directions quickly

Disadvantages

  • Loss of individual freedom of choice
  • Lack of effective incentives for people to work hard
  • Lack of business competition can decrease quality of goods
  • Needs and wants of consumers often not met
  • Central planners often don’t prioritize consumer goods
slide7

Market Economy

HOW?

Means of Production Privately Owned

FOR WHOM?

Supply and Demand Determine Prices

WHAT?

Private Businesses Direct Resources into activities that promise greatest profit

slide8

Advantages and Disadvantages of Market Economies

Disadvantages

  • Not everyone’s needs are satisfied
  • Production of Public goods can go ignored – roads, schools, etc.
  • Pure Capitalist (Market) system ignores those who have no demand, meaning those without ability to pay (Poor)

Advantages

  • Efficiency, directed by consumer supply & demand, and drive for profit
  • High Quality of Goods Produced
  • Freedom – choice for buyers and producers
  • High degree of consumer satisfaction
  • Flexibility to accommodate change
slide12

Mixed Economy

WHAT?

Government decides the production priorities of some key industries

HOW?

Government owns and runs some of the basic productive resources

FOR WHOM?

Government decides how to distribute output of some key industries in the best interest of society

slide13

Advantages and Disadvantages of Mixed Economies

Disadvantages

  • Less Efficient than Market economies
  • Government Guarantees of work can cause over-hiring of workers, increasing production costs
  • Taxes are higher because more public services are provided

Advantages

  • “For Whom” question answered directly
  • Those who are not fortunate or productive enough to earn competitive salary still share in benefits of society
  • People can use their electoral power to influence many of the WHAT, HOW, FOR WHOM, questions that the government controls
slide14

Where Does Each System Fall on the Economic Spectrum?

Communism

Socialism

Capitalism

Command

Mixed

Market

Smaller Role Played By Government

Larger Role Played by Government

slide15

How Does The Economic System of Your AssignedCountry Affect The Lives Of Its People?

  • Natural resources
  • Trade, transportation, and communication
  • Health and Education
  • Capital and labor
  • What is normal?
    • Comparisons to neighbors and other countries
    • Be careful of averages and statistics

Factors affecting how (and how well) we meet our Wants & Needs

slide16

How Does The Economic System of Your AssignedCountry Affect The Lives Of Its People?

Economic Prosperity

  • GDP and GDP growth (nominal, real, PPP)
  • Per capita GDP (nominal, real, PPP)
  • Inflation rate
  • Unemployment rate
  • What is normal?
    • Comparisons to neighbors and other countries
    • Be careful of averages and statistics
slide17

Your Task

Task:

  • Take notes about your country’s economy. Consider the following questions:
  • What is the basis of the economy? Agriculture? Extraction (mining and fuels)? Manufacturing? Services? Tourism? Other?
  • How diverse is your country’s economy?
  • How interconnected is your country to the global economy?
  • Are economic decisions driven by individuals or the government?
  • Resource links are found on the class website.
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