What is it?The study of a region’s wealth and how goods and services are distributed.
There are three main kinds ofeconomicsystems. Each has a different wayof distributing goods and services.1) Subsistence Economy (Traditional)2) Market Economy (Capitalist)3) Command Economy (Socialist)
Elements of a Market Economy:Free Enterprise = Allowscompetition among businesses todetermine the prices of products.
Capitalism = Where businesses,industries and resources areprivately owned. Capitalism and free enterprise are a big part of a market economy.
Element of a Command Economy:Communism = An economic and political system in which the government owns or controls all means of production.
Economy Type Description Motivator Location People make goods Most subsistence Subsistence for themselves or economies are found ina.k.a. Traditional their families with Survival poor countries and little or no surplus rural areas. (leftovers) Ex. Bangladesh People freely choose Most of the world’srich what jobs they have countries have market Market and what to buy and Profit economies. sell. Ex. United States The government Communist countries decides jobs, have command Command products, location, Government economies. and prices. Regulations Ex. Cuba
United States Canada CubaFree Market Government Economy Regulated Command No EconomyGovernment Rules No Freedom at All
What is it?The study of a region’s _________ and how goods and services are _____________.
There are three main kindsof______________________. Each has adifferent way of___________goodsand____________.1) ___________Economy (Traditional)2) _________Economy (Capitalist)3) _________Economy (Socialist)
Elements of a Market Economy:________________________=Allows__________________among_______________to determinethe__________of_________________.
Capitalism = Where____________,industriesand_____________are______________owned. Capitalism and free enterprise are a big part of a market economy.
Element of a Command Economy:_____________= An____________and___________system in which the________________owns or_____________all means of_____________.
Economy Type Description Motivator Location People Most______________ec_______________ make________for____ onomies are founda.k.a. Traditional _________ or ___________ in______countries their__________with and_________areas. little or Ex. Bangladesh no__________(leftover s) People Most of the freely_______what world’s________countr ____________ jobs they have and ___________ ies what have__________econo to________and______ mies. ___. Ex. United States The ______________ ___________countries decides ________, have______________ec ____________ products, ______________ onomies. __________,and Ex. Cuba ____________. ______________
United States Canada Cuba____________ Government Economy ____________ Command _____ EconomyGovernment _______ ___ Freedom at ____