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II. B. Command Economy aka Communism Ch 2 section 2
Due to great suffering of workers in laissez-faire industrial economies in the mid 1800s, philosopher Karl Marx advocated a world-wide workers rebellion. Workers of the world unite! You have nothing to lose but your chains!
In many countries (Soviet Union, China, etc) workers rebelled and created a government based on equalitya classless society. Government took control of economy and the four factors of production.
To ensure equality, they abolished private ownership and entrepreneurship.
Government took charge of business, and created monopolies for ease of management, run by far away bureaucracies (government agencies).
House Un-American Activities Committee (HUAC)
Due to the inefficiency of government control and an absence of the market pillars, command economies are in great decline.
Warm Up Get a Text book E. Napp. A Centrally Planned Economy In this lesson, students will identify characteristics of a centrally planned economy. Students.
Chapter 2: Economic Systems Section 3. Slide 2 Copyright © Pearson Education, Inc.Chapter 2, Section 3 Objectives 1.Describe how a centrally planned economy.
Questions for Reflection: Who was Adam Smith? How does a free market economy differ from a traditional economy? Define Laissez-faire. How does the market.
Capitalism, Socialism & Communism Comparison Activity.
Theories of Karl Marx. Who was Karl Marx? Marx-German philosopher who developed ideas about the way to solve problems in society caused by the Industrial.
CAPITALISM VS. SOCIALISM. Capitalism Founder: Adam Smith Private ownership of business and property Competition: encouraged.
Types of Economies Chapter 26 Section 2. Market Economies In a pure market economy, decisions are made in free markets by the interaction of supply and.
Economic Systems Economic system – way in which a nation uses its resources to satisfy its people’s needs and wants.
The factory workers of the early Industrial Revolution were often exploited, mistreated, and abused.
Capitalism, Socialism, and Communism. Capitalism “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but.
Introduction to Business, Economic Resources and SystemsSlide 1 of 60 Making Decisions About Production No society has enough productive resources available.
Command Economy Chapter 2 Section 3 Basic Definition & Characteristics Chief Characteristic: High level of government involvement in the economy Centrally.
Karl Marx & The Communist Manifesto “Religion is the opiate of the masses.” What does this mean?
Communism. Definition of Communism A political or economic system in which the major resources and means of production are owned by the community rather.
Capitalism and Socialism Or Free Market System and Command Economies.
An Age of Reform As industrialized nations grew, many felt that governments should stay out of business’ affairs. While others felt that governments should.
ChapterEconomic Systems Section 3 Objectives 1.Describe how a centrally planned economy is organized. 2.Distinguish between socialism and communism.
Political and Economic Analysis. Economy – the organized way a nation provides for the needs and wants of its people Resources – all the things used in.
Economics Chapter 2 Section 3. Key Terms centrally planned economy: an economic system in which the government makes all decisions on the three key economic.
Political and Economic Analysis. What is an Economy? -- Ch 3 Sec. 1 What is meant by the term economy The factors of production The concept of scarcity.
Bell Ringer Why did people have to move from rural areas to urban areas? Which industry was the first to be transformed by the Industrial Revolution? (hint.
Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp February 23, 2015.
Good afternoon! Do Now: Review the pros and cons of the Industrial Revolution.
13-1. Would it be better to live in a society where everyone was given a share of profits by the owner of the company, made the same amount of money.
Chapter 23: Comparative Economic Systems Section 2.
How is economics related to the Industrial Revolution?
Chapter 26- Comparing Economic Systems. Why Nations Trade Exported goods are sold to other countries; imported goods are purchased from abroad; the US.
ESSENTIAL QUESTION EQ: How are Free Market Capitalist economies and Command, Communist economies alike, and how are they different? E. Napp.
Philosophers of Industrialization Pages YOU NEED YOUR NOTEBOOKS TODAY!! Silently define the following words in your notebook. Use the glossary.
AGE OF REVOLUTION THE INDUSTRIAL REVOLUTION. DRILL: COLLECTED FRIDAY What is the purpose of this chart/What is it telling you?
Reforming the Industrial World Chapter 9 Section 4.
1 Chapter 29 Comparative Economic Systems Key Concepts Key Concepts Summary Practice Quiz Internet Exercises Internet Exercises ©2002 South-Western College.
Objective: Students will review the basic ideas of Communism, Socialism and the Market Economy how these ideas are found in world economic systems.
Essential Questions: 1. How do different societies around the world meet their economic needs? 2. What are the advantages and disadvantages of each economic.
Types of Economies. Traditional Economy ► It is based on agriculture, fishing, hunting, gathering or some combination of the above. ► It is guided by.
Communism AKA Socialism, Marxism or Command Economy.
Comparative Political and Economic Systems. Section 3 Economic Systems Chapter 15 Comparative Political And Economic Systems.
Converging Economic Systems. Comparing Capitalism and Socialism.
19th Century Economics edit from same title by WBPhillips.
Economic Systems. Capitalism Free Enterprise Market Economy Definition An economic system based on private ownership of property and means of distribution.
Economic Economic systems systems ECONOMY is about…
Terms 1Misc Trial Terms 2Mixed Bag Court Cases
Pure Centrally Planned Economy AKA Communism Objectives: Describe how the three basic economic questions are answered by the different economic systems,
Economic Systems. How Does An Economy Work? Nations must answer 3 basic Economic question: What goods and services should be produced? How should the.
1 Chapter 22 Practice Quiz Tutorial Economies in Transition ©2004 South-Western.
HOLT, RINEHART AND WINSTON The Cold War Begins HOLT 1 Objectives: What caused the Cold War, and what was the U.S. strategy during the Cold War? What caused.
ECONOMIC SYSTEMS An economic system is an organized way a society provides for the wants and needs of its people, or how a society answers the three basic.
Modern China Review Game. Round One Match Clue in Left Column with Answer in Right Column Deng Xiaoping Jiang Qing Karl Marx Mao Zedong Proletariat Red.
Chapter 30: Revolution and Nationalism Revolutions is Russia Revolutions is Russia Unrest in Russia erupted in revolution to produce the first.
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