The document provides an overview of command and free market economic systems. A command economy is one where production, investment, prices, and incomes are determined by the government according to a central plan. A free market economy allows prices to be set by competition between privately owned businesses. The document outlines the key principles of each system, including economic freedom and private property in free markets versus government control and ownership in command economies. Both systems are evaluated in terms of their strengths and limitations.
Lecture slides for Economics (Social Studies/Araling Panlipunan) Gr. 9 & 10 following the basic competencies of the K to 12 curriculum in the Philippines.
Lecture slides for Economics (Social Studies/Araling Panlipunan) Gr. 9 & 10 following the basic competencies of the K to 12 curriculum in the Philippines.
Economics systems: Capitalism
Economics - Economics is the social science that analyzes the production, distribution and consumption of goods & services.
Economic System is the system of production, distribution and consumption
An economic system is a mechanism (also defined as system or social institution) which deals with the production, distribution and consumption of goods and services in a particular society.
The economic system is composed of people, institutions and their relationships. It addresses the problems of economics like the allocation of the resources.
Economic System: An organized way in which a state or nation allocates its resources and distributes goods and services in the national community.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2. WELCOME TO
BONITOPIA/ARMSTRONGTOPIA
• As part of the greatest kingdom in the history
of the world, you will have the opportunity to
participate in the greatest experiment in the
history of the world.
• Follow my rules…
3. System #1
Government Instructions
• You will act as the government during this section.
• Decide what type and how many cars you think our
class needs to function.
• Instruct each factory how many and what types of cars
they must create.
• After each round, you will award each group
$2/member if they complete their task.
4. System #1
Producer Instructions
• You will “produce” a car model each round.
• You must produce at least as many cars as the
government requires.
• At the end of each round, you will receive $2 if
your group completes it work.
5. System #2
Producer Instructions
• You will “produce” a car model each round. Your goal is
to design a car that the consumer will want to buy.
• You must set a price that you are selling your car model
for.
• Give your car model a name.
• If you do not receive at least $5 each round, you will go
bankrupt and no longer be able to produce cars.
6. System #2
Consumer Instructions
• Each round you will be given $20 to spend.
• You will decide which cars you would like to
spend your money on. You must buy at least
one car each round.
• You can buy multiple cars if you wish.
7. Simulation Debrief
• What were the positive and negative features
of both systems?
• Which system do you think worked best?
– For individuals?
– For society?
9. Economics
• The study of the production and consumption
of goods and services and the distribution of
wealth in a society.
– Production = What businesses make.
– Consumption = Who buys what.
– Distribution = Who is rich and who is poor
10. Free Market & Command Economies
Free Market Economy
• An economic system in
which prices are
determined by unrestricted
competition between
privately owned businesses.
Command Economy
• An economic system in
which production,
investment, prices, and
incomes are determined
centrally by a government.
11. Free Market System: Capitalism
• Ideas first proposed by Adam Smith (1776)
• “Economic Individualism”
12. Principle 1: Economic Freedom
• In a world with limited resources…
– Consumers can decide what to buy.
– Producers can decide what they want to make.
– Workers can decide how they want to work.
13. Principle 2: Private Property
• Individuals can own land and means of
production.
– Factory Machinery
– Land
– Labor
– Resources
• Individuals can choose how to use their property.
– Limited Government Control
14. Principle 3: Self-Interest Drives Society
• People will make decisions that benefit
themselves…But that is OKAY!!!!
• If people make a product that people want,
they will make money & people will be happy.
Everyone wins!
15. Principle 4: Competition is Good
• When businesses compete, buyers win!
– Lower Prices
– Inventive/New Ideas --> Progress!!!
16. Principle 5: Prices are Determined by
the Market
• Prices of goods & services are determined by
what buyers are willing to pay for them.
• “Invisible Hand,” Guides Market – Limited Gov.
17. Principle 6: Limited Government
• Government makes laws to protect individuals
and solve disputes.
• Individuals make economic decisions.
• Does not have influence over the market.
– “Laissez Faire”: “Let the People do as they Please”
19. Command Economy: Socialism
• Government or public owned means of
production
• Critical of wealth in the hands of a few
– Redistribution of wealth
20. Rise of Socialism
• Had roots in the Industrial Revolution…
Why might this have occurred?
21. Principle 1: Economic Control
• In a world with limited resources…
– The government should control the distribution of
resources to ensure that society is fair and
resources are used wisely.
– Generally follows a Central Plan for the future.
22. Principle 2: State Owned Property
• The government may own or influence the
property and the means of production and
businesses.
• Independent Businesses may still exist, but
they follow the rules of the government.
23. Principle 3: Social Needs Drive the
Economy
• The government determines what its citizens
need to live happy & healthy lives and tells
businesses what and how much to make.
24. Principle 4: Cooperation is Good
• Progress occurs when community
cooperates and limits competition.
• This helps ensure a fair and equal society.
25. Principle 5: Government Sets Prices
• The Government determines the value and
worth of products.
26. Principle 6: Large Government
• The government makes laws to help carry out
the central plan and to support the needs of
citizens.