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Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!

Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!. Determine for each slide whether the economic system being illustrated is Traditional OR Command OR Market. 1. Actions in this type of economy relate to ritual, habit and custom.

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Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!

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  1. EconomicsCHAPTER 2Section 1 economic systems and decision makingName that System!

  2. Determine for each slide whether the economic system being illustrated is Traditional OR Command OR Market

  3. 1. Actions in this type of economy relate to ritual, habit and custom.

  4. TRADITIONAL ECONOMY

  5. 2. A strength of this type of economy is its ability to rapidly change in a short period of time

  6. COMMAND ECONOMY

  7. 3. A weakness of this economy is its failure to provide for the weak, the sick, the old and the very young who cannot be productive

  8. Market economy

  9. 4. Name a stable, predictable and continuous economic system

  10. TRADITIONAL ECONOMY

  11. 5. This economic system does not meet the needs and wants of citizens because the central authority makes all decisions, rather than the individual

  12. COMMAND ECONOMY

  13. 6. This economic system discourages new ideas or change

  14. TRADITIONAL ECONOMY

  15. 7. This economic system provides a high degree of consumer satisfaction because individuals make most of the decisions

  16. Market economy

  17. 8. This economic system offers a variety of goods and services because new ideas are encouraged

  18. Market economy

  19. 9. This economic system lacks incentive for individuals because a central authority controls the factors of production; there is no private property

  20. COMMAND ECONOMY

  21. 10. This economic system has a notable lack of government interference

  22. Market economy

  23. 11. Which system would Adam Smith support?

  24. Market economy

  25. 12. Which system would Adam Smith most disagree with because of Laissez-Faire?

  26. COMMAND ECONOMY

  27. 13. “WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH SYSTEM?” - - Name that system!

  28. Market economy

  29. 14. “Our grandmothers taught us to weave, and we have taught our daughters.” - Name that system!

  30. TRADITIONAL ECONOMY

  31. 15. “We slaughter the hogs because the government tells us to. I hate this job. I’d rather be a carpenter.” - Name that system!

  32. COMMAND ECONOMY

  33. 16. “We slaughter hogs better than any of our competitors!” - Name that system!

  34. Market economy

  35. 17. “We’ve been quilting for our community for decades. We’re very talented.” – Name that system!

  36. TRADITIONAL ECONOMY

  37. 18. “I really hate quilting. I wish I could go fishing instead, but girls don’t fish in our community.” – Name that system!

  38. TRADITIONAL ECONOMY

  39. 19. “We wait for the government to give us rations of meat, but there is never enough.” – Name that System!

  40. COMMAND ECONOMY

  41. 20. “People who cannot work are not rewarded in this system.” – Name that system!

  42. Market economy

  43. 21. “Goods are moving in and out of our country every day because of consumer demand.” – Name that System!

  44. Market economy

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