1. Business Environment
Photo Credit: http://www.enerpro.eu.com
Week3
EconomicSystems
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2. Learning Outcome
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3. Today’s Lesson Plan
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Economics ?
Q&A : 5 mins

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Economics is concerned with the economic system through which societies
attempt to meet people’s material needs and wants through the
production of goods and services.
Photo Credit: nytimes.com
Economics is concerned with the economic
system through which societies attempt to
meet people’s material needs and wants
through the production of goods and services.

6. Bus Env WK3 Dr Shohail Choudhury 6Photo Credit: 3.bp.blogspot.com

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Photo Credit: www.openideo.com

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What is Scarcity?

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PROBLEMS
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 What goods and services should be
produced and in what quantities?
 How should these be produced?
 For whom should these be produced?

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PhotoCredit:wordpress.com

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PhotoCredit:vosizneias.com

12. PhotoCredit:washmediasa.com
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13. Dr Shohail Choudhury 13Bus Env WK3
The allocation of Resources

14. Capital Housing Crisis: Video: 4.21 mins
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Different types of Economic Systems

16. Economic Systems: Video: 2.17 mins
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17. Activity: Group: 15 mins (Advanced Notice)
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Out of the three economic systems which system do you think is the
most appropriate?
Support your answer with evidence.

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Free Market Economy
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Free Market Economy: Video: 4.57 mins.

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Free Market Economy
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Command Economy
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Cuba: An Example : Video: 6.53 mins.

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Command Economy
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North Korea: An Example : Video: 6.53 mins.

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Command Economy
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Mixed Economy
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Mixed Economy
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Economies in transition
• Superior performance of market economies influenced the
collapse of communist governments in Soviet Union and
Eastern Europe in 1989.
• Transition Economies. From Central Planning to market
systems.
• Requires fundamental reform of the economic system.
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Economies in transition
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Economies in Transition: Eastern Europe:
Video: 4.26 mins.

31. Activity: Group: 15 mins (starts now)
Out of the three economic systems which system do
you think is the most appropriate?
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32. Public Policies and
Business Organisations in UK
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Government Policy
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State Influence over economic activity
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Born Bankrupt: State of UK Economy

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Inflation
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Causes of Inflation
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Demand Pull Inflation
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Cost Push Inflation
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Unemployment
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Government Employment Policies
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43. Next Week
Fiscal and Monetary Policy of UK
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44. Homework
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45. Additional Readings/Videos
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46. References
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47. Thank You!
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