Economics
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Economics

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Economics Presentation Transcript

  • 1. A global system An organized way of producing for the wants and needs of a society. ECONOMIC SYSTEM
  • 2. Three Types of Economic systems or economy
    • Traditional Economy
    • Command Economy
    • Market Economy
    • Most countries can be identified with one of these systems.
    http://images.google.com/images?gbv=2&h http://images.google.com/images?gbv=2&h http://images.google.com/images?gbv=2&h
  • 3. Traditional
    • Economic decisions in this type of economic system are defined be custom.
    • Advantages to a Traditional system:
    • the people have little uncertainty about what, how and for whom to produce.
    • Their life style and economy are secure.
    http://images.google.com/images?gbv=2&h
  • 4. Disadvantages to Traditional
    • Disadvantages to a traditional economic system:
    • There is discouragement of new ideas and new ways of thinking.
        • Leads to much staying the same, nothing ever changing for the better, but not for the worse either.
        • But this gives you security
    http://images.google.com/images?gbv=2&hl=en&
  • 5. Command
    • In a Command economy there is a central authority (i.e. government) who determines what, how and who to produce for.
    • Advantages:
    • Ability to change direction in a short period of time,
    • Have public services at little or no cost to the people.
    http://images.google.com/images?v=2&hl=en& http://images.google.com/imagev=2&hl=en&
  • 6. Disadvantages to Command
    • Disadvantages to this type of economic system:
    • Consumers don’t get their needs met.
    • There can be delay in decisions.
    • Essentially one group is making all the decisions, which you may or may not agree with.
    http://images.google.com/images?gbv=2&h
  • 7. Market
    • ☼ Perhaps the best form of economy ☼
    • Consumers determine what, how and for whom to produce.
    • For the People by the people kind of idea
    • Advantages to a Market economy:
    • The high degree of individual freedom; the ability to have a voice in the economy.
    • Variety of goods and services created
  • 8. Disadvantages to a Market Economy
    • Disadvantages to this economic system:
    • High level of personal uncertainty
    • And prospect of economic failure.
    • All images were found using Google Images.