Economic Systems
Economy <ul><li>A system where people make, exchange, and use things that have value </li></ul><ul><ul><li>Producers = own...
Types of Ownership <ul><li>Private Ownership </li></ul><ul><ul><li>Capitalism is a system in which private individuals won...
Types of Ownership <ul><li>Government Ownership </li></ul><ul><ul><li>Communism, the government owns farms, factories, and...
Types of Ownership <ul><li>Mixed Ownership </li></ul><ul><ul><li>Hardly any nation has a “pure” system </li></ul></ul><ul>...
Command Economy <ul><li>Command </li></ul><ul><ul><li>Central authority </li></ul></ul><ul><ul><li>Makes majority of major...
Market Economy <ul><li>Economic freedom, voluntary exchange, private property, and profit motive </li></ul><ul><ul><li>Sup...
Traditional Economy <ul><li>Economic activities are affected by… </li></ul><ul><ul><li>Ritual </li></ul></ul><ul><ul><li>C...
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Economic Systems

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Economic Systems

  1. 1. Economic Systems
  2. 2. Economy <ul><li>A system where people make, exchange, and use things that have value </li></ul><ul><ul><li>Producers = owners & workers </li></ul></ul><ul><ul><li>Consumers = people buying goods </li></ul></ul>
  3. 3. Types of Ownership <ul><li>Private Ownership </li></ul><ul><ul><li>Capitalism is a system in which private individuals won most businesses </li></ul></ul><ul><ul><li>People save money in banks </li></ul></ul><ul><ul><li>Banks lend the money in exchange for interest </li></ul></ul><ul><ul><li>A free-market </li></ul></ul>
  4. 4. Types of Ownership <ul><li>Government Ownership </li></ul><ul><ul><li>Communism, the government owns farms, factories, and offices </li></ul></ul><ul><ul><li>Controls the prices and production </li></ul></ul>
  5. 5. Types of Ownership <ul><li>Mixed Ownership </li></ul><ul><ul><li>Hardly any nation has a “pure” system </li></ul></ul><ul><ul><li>A combination of private and government </li></ul></ul>
  6. 6. Command Economy <ul><li>Command </li></ul><ul><ul><li>Central authority </li></ul></ul><ul><ul><li>Makes majority of major decisions </li></ul></ul><ul><ul><li>Example: Former Soviet Union </li></ul></ul>
  7. 7. Market Economy <ul><li>Economic freedom, voluntary exchange, private property, and profit motive </li></ul><ul><ul><li>Supply and demand </li></ul></ul><ul><ul><li>This decides </li></ul></ul><ul><ul><ul><li>What to produce </li></ul></ul></ul><ul><ul><ul><li>How to produce </li></ul></ul></ul><ul><ul><ul><li>How much to produce </li></ul></ul></ul><ul><ul><ul><li>Fro whom to produce </li></ul></ul></ul>
  8. 8. Traditional Economy <ul><li>Economic activities are affected by… </li></ul><ul><ul><li>Ritual </li></ul></ul><ul><ul><li>Custom </li></ul></ul><ul><ul><li>Habit </li></ul></ul><ul><li>Example: trade and barter system </li></ul>
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