Economics

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Economics

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

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