Epf1e comparing economies

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Epf1e comparing economies

  1. 1. Basic Economic Structures<br />EPF1E. Comparing Economies<br />
  2. 2. How are economies different?<br />Essential question:<br />2<br />
  3. 3. Economies are Different<br />A variety of methods can be used to allocated goods and services.<br />People acting individually or collectively through govt choose which methods to use to allocate different kinds of services.<br />National economies vary in the extent to which they rely on govt directives (central planning) and signals from the private markets to allocate goods, services and resources.<br />3<br />
  4. 4. What are the 3 basic economic questions?<br />What goods and services will be produced?<br />How will these goods and services be produced?<br />Who will consume these goods and services?<br />4<br />
  5. 5. How does each type of economy answer the 3 basic economic questions??<br />Essential question:<br />5<br />
  6. 6. What are the 4 types of economies?<br />Market<br />Command<br />Traditional<br />Mixed <br />6<br />
  7. 7. Command Economy<br />In a command economy the government or other central authority answers all of the questions<br />7<br />Ex. North Korea<br />
  8. 8. Traditional Economy<br />In a traditional economy, the answer to all questions is “What has always been done.”<br />8<br />
  9. 9. Market Economy<br />Consumers decide what will be produced by casting their “dollar votes”<br />Producers choose the most profitable method of production<br />Goods and services are consumer by those who are willing and able to pay the market price<br />Scare goods and services are allocated through the influence of prices on production and consumption choices.<br />9<br />
  10. 10. Mixed Economy<br />A combination<br />The US is primarily a market economy; however, since it has some elements of govt involvement (e.g., taxation and regulation) it is sometimes called a mixed economy<br />Most of the worlds economies today are mixes economies and exits on a continuum between market and command. Some lean towards market; others lean toward command.<br />10<br />

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