Chapter 4 World Economies

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Presentation transcript:

Chapter 4 World Economies

Economies What to produce How to produce it For Whom to Produce An economy or economic system is the way a nation makes economic choices & answers the following economic questions….. What to produce How to produce it For Whom to Produce

Economic Resources Natural Resources – (land) Labor (people) Capital (money, equipment, & tools) Entrepreneurship (Management)

Activity #1 Natural Res. Labor Capital Entrepreneur Hamburger School

Developing vs Developed Nations Developed Nations – nations which have infrastructure, labor & skills to support business Developing Nations – nations which do not have the infrastructure, labor and skills to support business.

Scarcity Nations have unlimited wants and needs but only limited resources to meet them. Scarcity forces everyone – nations, businesses, and people to make economic CHOICES

Economies Pure Market Economy No government control Pure Command USA CUBA Pure Market Economy No government control Pure Command Economy -Complete Gov. Control

All Economies today are MIXED Capitalist – democracy, private ownership, competition (USA & Japan) Socialist – government owns major resources. Equality, social services, high taxes (German, UK, Sweden etc) Communist – totalitarian gov, dictatorship, CPC (Cuba & North Korea)

Economies in Transition Command Economies Market Elections Privatization

Measuring Economic Success Gross Domestic Product (GDP) Gross National Product (GNP) Standard of Living – (GNP / Pop) Inflation Rate – (rising prices from CPI) Unemployment Rate

Activity #2 Look at the charts on Pages 52 & 53 How is our economy doing between the years of 1990-1994? What measures of economic success are listed?

Business Cycles Prosperity Recession Recovery Depression

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