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Define Free Enterprise, Mixed/Socialist, and Command Economies Explain what groups hold the power in these economic systems and who determines how goods/services.

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Presentation on theme: "Define Free Enterprise, Mixed/Socialist, and Command Economies Explain what groups hold the power in these economic systems and who determines how goods/services."— Presentation transcript:

1 Define Free Enterprise, Mixed/Socialist, and Command Economies Explain what groups hold the power in these economic systems and who determines how goods/services are distributed Classify where various countries belong on the eco spectrum

2 Traditional Economy Command Economy Market Economy Subsistence Beliefs and Customs Supply and Demand Communism Free Enterprise Socialism

3 TRADITIONAL ECONOMY (Poorer nations, tribal culture) Traditional economy Determined by Survival and needs of the tribe or village Determined by Customs and beliefs passed down Determined by Self, family, fellow tribe members Individuals, families, and tribes produce the goods and products that they need. The goods produced through: customs, beliefs, and traditions passed directly to the young. Individuals produce & consume goods, but trade occurs when special skills or surplus goods are available through direct barter. Ex.: Australian Aborigines Traditional economy Determined by Survival and needs of the tribe or village Determined by Customs and beliefs passed down Determined by Self, family, fellow tribe members

4 A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. The command economy is a key feature of any communist society. Ex.: Cuba, North Korea and the former Soviet Union COMMAND/ PLANNED ECONOMY

5 An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning. Ex.: Japan, USA, Hong Kong FREE ENTERPRISE/MARKET ECONOMY!

6 MIXED/SOCIALIST ECONOMY An economic system that includes a mixture of free enterprise/market and socialism. This type of economic system includes a combination of private economic freedom and centralized economic planning and government regulation. Ex.: France, Sweden, U.K.

7 FORMER USSR CUBA CHINA NORTH KOREA SWEDEN NETHERLANDS FINLAND CANADA UNITED STATES RUSSIA FRANCE U.K.JAPAN MONACO HONG KONG

8 Using the economic spectrum, where would Canada fall in relation to the United States? A closer to socialism B closer to free enterprise C closer to the communism D much closer to free enterprise Where would Japan likely fall on the economic spectrum? F Command G Mixed/Socialist H Traditional J Free Enterprise

9 The European Union has which type of economy? A traditional economy B command economy C mixed economy D limited economy Which of the following is an example of an economy where economic decisions are made based on customs and beliefs? A Han in China B Belgians in Europe C French in Canada D Aborigines of Australia

10 You will use this information to construct a spectrum and place both economic and political systems on the spectrum.


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