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Introduction for middle school students about Economies around the world
- 1. Economic Systems • Free Market • Command • Socialist
- 3. Individual Freedoms Competition Limits
- 5. High GDP • Rich countries produce more goods and services and so they have a higher GDP Low GDP • Poorer countries usually have limited resources
- 6. No one gets to be an entrepreneur Only the government decides what happens Consumers have little or no choice
- 7. Free Market Economy Command Economy What is the governments role? Makes few decisions Makes all decisions Does the system run on competition or cooperation? Competition Cooperation Which principle guides the economy? Supply and Demand Central planning Who own property and businesses? Individuals and groups The government Does the system emphasize freedom? Yes no
- 8. What would an advantage be of living in a command economy? What would a disadvantage be?
- 10. Socialism generally determines a higher tolerance for a tax burden on individuals All citizens have access to free health care Social welfare programs are expanded.