Which of the following scenarios do you find morepreferable? What scenario do you think is the bettersystem?
• You have two cows. The government takes them and puts them in a barn with everyone else’s cows. You have to take care of all of the cows. The government gives you as much milk as you need.Scenario One
You have two cows. You sell one and buy a bull. Your herdmultiplies, and the economy grows. You sell them and retireon the income.Scenario Two
• Scenario 3Everyone brings in crayons. I take everyone’s crayons andput them together in a box for everyone to use.
• Scenario 4• Everyone brings in their own crayons and uses their own crayons.Which scenario is on thesame wavelength asScenario 1? Scenario 2?
Mixed Economy (Capitalism andCommunism Communism)• Government owns • Businesses are privately everything! owned. (i.e. McDonalds, private school) • Government controls some stuff. (i.e. roads, post office, public schools)The difference?
• You own your own business and make your own way.• A mixed economy is an economy that includes a variety of private and public control.Capitalism and MixedEconomy
• Everyone works.• Everyone gets paid the same amount.• Everyone gets taxed the same amount.• The government owns everything and distributes it as it decides what is fair.• Pay is based on how hard you work.• Jobs are distributed.• No class system—No poor, middle class, and rich societies.Communism
• China• The former USSR (Soviet Union) Now the countries that include Belarus, Lithuania, and Russia• Cuba• North Korea• Vietnam• Laos• The former Czechoslovakia (Czech Republic)Countries thatpractice(d) Communism
• United States• Canada• Japan• Australia• Germany• United KingdomCountries with MixedEconomy
I’ve learned that…What have we learned?
The Lao Peoples Democratic Republic is a landlockedcountry in Southeast Asia, bordered by Burma and PeoplesRepublic of China to the northwest, Vietnam to theeast, Cambodia to the south and Thailand to the west. Itspopulation was estimated to be 6.8 million in 2009Laos