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“Introduction to Economic Systems” Critical Questions ,[object Object],[object Object],[object Object]
What is an economic system? The method used by a society to produce and distribute goods and services
The Three Questions that Determine  a Societies Economic System ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object]
[object Object],Four Economic Systems Traditional economies   rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it. In a  centrally planned economy  the central government makes all decisions about the production and consumption of goods and services.   In a  market economy   economic decisions are made by individuals and are based on exchange, or trade. Mixed economies   are systems that combine tradition and the free market with limited government intervention.
Comparing Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Traditional System ,[object Object],[object Object]
[object Object],[object Object],[object Object]
Traditional Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Markets exist because none of us produces  all the goods and services we require to satisfy our needs and wants. A  market  is an arrangement that allows buyers and sellers to exchange goods and services . Specialization  is the concentration of the productive efforts of individuals and firms on a limited number of activities.   Why Do Markets Exist?
Free Markets ,[object Object],[object Object],monetary flow physical flow monetary flow physical flow Circular Flow Diagram of a Market Economy Households Firms
  Advantages of the  Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Market Economy (Free Enterprise) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Command Economies ,[object Object],[object Object]
Organization of Command Economies In a  command economy , the government  owns both land and capital.  The government  decides what to produce, how much to produce,  and how much to charge. Socialism   is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society.  Communism  is a political system characterized by a centrally planned economy  with all economic and  political power resting in the hands of the government.  Communist governments are authoritarian in nature.
Command Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Soviet Experiment ,[object Object],[object Object],[object Object],[object Object],STALIN
The Meaning Behind the Flag ,[object Object],[object Object],[object Object]
Command economy face problems of poor-quality goods, shortages, and diminishing production.
Other Problems in Centrally Planned Economies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Mixed Economies ,[object Object],[object Object]
Mixed Economy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
An economic system that permits the conduct of business with minimal government intervention is called  free enterprise .  The degree of government involvement in the economy varies among nations.  Nations are placed on a continuum (a range with no clear divisions) of mixed economies.  On one end are centrally planned economies and on the opposite end are free markets economies. Comparing Mixed Economies Continuum of Mixed Economies Centrally planned Free market Source:  1999 Index of Economic Freedom , Bryan T. Johnson, Kim R. Holmes, and Melanie Kirkpatrick Iran North Korea Cuba China Russia Greece Peru United States South Africa France United Kingdom Botswana Canada Singapore Hong Kong

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Econ System

  • 1.
  • 2. What is an economic system? The method used by a society to produce and distribute goods and services
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10. Markets exist because none of us produces all the goods and services we require to satisfy our needs and wants. A market is an arrangement that allows buyers and sellers to exchange goods and services . Specialization is the concentration of the productive efforts of individuals and firms on a limited number of activities. Why Do Markets Exist?
  • 11.
  • 12.
  • 13.
  • 14.
  • 15. Organization of Command Economies In a command economy , the government owns both land and capital. The government decides what to produce, how much to produce, and how much to charge. Socialism is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society. Communism is a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the government. Communist governments are authoritarian in nature.
  • 16.
  • 17.
  • 18.
  • 19. Command economy face problems of poor-quality goods, shortages, and diminishing production.
  • 20.
  • 21.
  • 22.
  • 23. An economic system that permits the conduct of business with minimal government intervention is called free enterprise . The degree of government involvement in the economy varies among nations. Nations are placed on a continuum (a range with no clear divisions) of mixed economies. On one end are centrally planned economies and on the opposite end are free markets economies. Comparing Mixed Economies Continuum of Mixed Economies Centrally planned Free market Source: 1999 Index of Economic Freedom , Bryan T. Johnson, Kim R. Holmes, and Melanie Kirkpatrick Iran North Korea Cuba China Russia Greece Peru United States South Africa France United Kingdom Botswana Canada Singapore Hong Kong