Introduction to economics

Introduction to economics

ECONOMIC SYSTEMS Spring Semester 2019 Stater Always remember Economics is the study of choices related to resources, production, and consumption 4 Types of Economic Systems Command

Market Traditional Closed #1 Command Economies Characteristics: Centrally operated by government, which: Prohibits personal property Decides what is made Controls prices and supplies

Major Goal: Create social equality #2 Market Economies Characteristics: Pure Market Economy: No govt intervention Mixed Market Economy: Combo of command & pure market

Some govt intervention Producers & consumers can make economic decisions Major Goal: Promote free economic choices #3 Traditional Economies Characteristics: Based on

traditions/customs of family/community Center on barter/trade (not $) Hunting, gathering, farming Major Goal: Preserve traditional customs #4 Closed Economies

Characteristics: Restrict trade with international partners Isolation from rest of the world Major Goal: Maintain selfsufficiency

QUICK QUIZ The most common economic system in the world is a a.closed economy. b.command economy. c.mixed market economy. d.traditional economy. QUICK QUIZ What is one example of a closed economy? a.a barter system that does not rely on money or other currency b.a restricted system that blocks trade with

international partners c.a trade-based system that encourages the flow of goods and services old-fashioned system that preserves traditional choices and customs QUICK QUIZ The goal of a command economy is to a.sustain self-sufficiency. b.preserve traditional customs. c.create equality within a society. d.promote free economic choices.

Governments & Economic Systems The more involved a govt is in the economy, the more restrictive that economy will be Command Economies: Socialism Govt can control factories/means of

production Citizens may often own homes, but not businesses Ex: Norway, Cuba (was Communist, is reforming) Command Economies: Communism Focus on promoting social/economic

equality The state: Owns property Employs workers Ex: North Korea Mixed Market Economies: Republics Provide many freedoms Elect representatives Citizens can:

Change jobs Own businesses People provide their own necessities Comparing Command & Mixed Market Economies Command Pros Cons

Mixed Market Pros Cons Govt may provide Tough to start a necessities for business citizens Independence & choice

Citizens pay for necessities Smaller income gap Greater opportunity to gain wealth Larger income gap

Tough to become rich High taxes Employment not guaranteed QUICK QUIZ A mixed market economy tends to exist under a a. communist government that provides little regulation. b. democratic government that provides some

regulation. c. representative government that provides no regulation. d. socialist government that provides a lot of regulation. QUICK QUIZ In a communist command economy, workers are employed by a.the agencies. b.the consumers. c.the producers. d.the state.

Recently Viewed Presentations

  • This document demonstrates how a typical London 2012 ...

    This document demonstrates how a typical London 2012 ...

    Title: This document demonstrates how a typical London 2012 presentation will feel to reflect our ambition and new brand, and includes a running order of sample slides supported by a library of additional slides to choose from.
  • Sackville High School - Millwood High School

    Sackville High School - Millwood High School

    Evening Agenda‚Ķ Student Council Welcome! Emily Burke Charlie Burke Safiya Rizwan Emily Dyer ***NEED TO CONFIRM Grade 9 Perspectives Janelle Oliver- Harris Jacob White Daniel MacMillan Catherine Furey Athletics at Millwood High School Mr. White- Athletics Director [email protected] All Grade...
  • CCSU Quarterly Advisory Meeting - Healthy Campuses

    CCSU Quarterly Advisory Meeting - Healthy Campuses

    "Heightened interest by staff and lowered stigma" "…changes are happening within learning environments, policies and other areas" Specific barriers to introducing the systematic approach detailed in the Guide
  • How Do Living and Nonliving Things Interact?

    How Do Living and Nonliving Things Interact?

    The living part of an ecosystem includes plants and animals. The study of how living and nonliving things interact is called ecology. Community The living part of an ecosystem is a community. Each ecosystem has its own community. A terrarium...
  • Children's Discovery Trail - Bureau of Land Management

    Children's Discovery Trail - Bureau of Land Management

    Arial Wingdings Comic Sans MS SimSun Bookman Old Style Book Antiqua Batang Arial Narrow Beam 1_Beam Welcome to the Children's Discovery Trail As you approach the Children's Discovery Trail, notice the different types of vegetation at the various elevations.
  • PSY 369: Psycholinguistics

    PSY 369: Psycholinguistics

    Separation of word and meaning Concepts and words are different things Translation argument Every language has words without meaning, and meanings without words e.g., transmogrify, wheedle, scalawag Imperfect mapping Multiple meanings of words e.g., ball, bank, bear Elasticity of meaning...
  • Metaphors and Similes - PC\|MAC

    Metaphors and Similes - PC\|MAC

    * * * Professor Pen Professor Pen Playing with Words Believe it or not, you use metaphors and similes every day of your life! Some words are metaphors all by themselves. She was a bright student. We all know that...
  • International Telecommunication Union - TT

    International Telecommunication Union - TT

    At a meeting in San Francisco (Sep. 2012), it was decided - after consideration of several options - to parent under ETSI as an "Industry Specification Group" The joint white paper on Network Functions Virtualisation was published on target at...