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Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
Lahainaluna Intro to business day 4 2012
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Lahainaluna Intro to business day 4 2012

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Transcript

  • 1. Presented by: Mr. Zayas Business Core, Day 4
  • 2. Economic SystemsGoals:- List the three economic questions that must be answered by every society.- Describe three types of economic systems.- Identify 5 features of our market economy.- Explain why economies are mixed systems.- Explain why market economies are becoming common around the world.- Explain private property.
  • 3. 2. Economic Systems – Key Terms:- Business- Capitalism- Competition- Custom-based economy- Directed or planned economy- Economic system- Market Economy and Marketplace- Private enterprise- Profit
  • 4. The three economic questions:- What goods and services are to be produced.- How should the goods and services be produced.- For whom should the goods and services be produced.
  • 5. Countries are like people The “what”- They have unique wants and needs. - Space travel - Military - Manufacturing - Survival – basic needs
  • 6. The “how”- If many people and few capital resources then heavy use of manual labor.- If few people and large capital resources then use of labor saving equipment.
  • 7. The “for whom”- Which wants and needs are most critical?- How will the goods and services be distributed?- Should they be shared equally?- Should those who contribute more to producing the goods and services get a larger share?
  • 8. In some economic systems …You can buy whatever you want as long as you have the money.In others, it depends on the country’s answers to the original questions.
  • 9. Remember the original questions?A country’s access to these is its “Economic System” There is no pure economy
  • 10. Custom-based Economy- In countries less developed, less responsive to the global economy, answers to economic questions are determined by custom / tradition.- Things are made the way they used to be made.
  • 11. Directed (Planned) Economy- In some countries, answers come from the owners of resources.- Resources are owned and controlled by the government.- Agencies decide how much and what will be spent on the military and how much on consumer goods.
  • 12. Market Economy- Usually found in democracies.- Questions are answered by the individuals through buying and selling activities in the marketplace.- Marketplace is any place where buyers and sellers exchange goods.
  • 13. Did you recognize our system?Yes – Market Economy.
  • 14. Capitalism- Economic resources are usually privately owned by individuals rather than by the government.- Individual owners are free to decide what they will produce with the resources.
  • 15. Capitalism- Because of this freedom of the individual to choose that our system is also known as: “Free” or “Private Enterprise” system.
  • 16. Capitalism- The right of “Private Property”. This means that you can own, use, or dispose of things of value by selling them, giving them, or even throwing them away.
  • 17. Activity Time !

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