Mr. Odren Economics Economic Systems. What is an Economic System ? The structure by which a nation uses it’s resources to satisfy the wants and needs.

Slides:

Advertisements

Similar presentations

Economic Systems 4 Types.

Advertisements

MARKETING 3.04 – COMPARING ECONOMIC SYSTEMS.

Economic Systems and the Role of Government Marketing Co-Op.

Economic Systems and the Role of Government

Chapter 2 Economic Systems

Understand economic systems. Economic Systems

Types of Economies.

Types of Economic Systems

The American Economic System

Mr. Miller American Government and Economics Economic Systems.

Strand 5: Concept 1: PO 1-4 Mr. Mosqueda

Economic Systems.

1.Pick a partner and make 15 flash cards. 2.Look up all 15 key terms, using the text. 3.One side write the word, on the other side write the definition.

Economics Economic Systems. What is an Economic System? The way in which a nation uses its economic resources to satisfy peoples wants and needs. Each.

Economics Chapter 2: Economic Systems. Agenda for Today 3 rd Quarter Grades Chapter 2 Economic Systems Slide Show Homework –Paragraph and Wkst. Due Thursday.

Economics Chapter 2. What is an economic system?  Reflects the process or system a nation or society follows to produce goods and services.  Determines.

Mr. Odren Economics Economic Systems. What is an Economic System ? The structure by which a nation uses it’s resources to satisfy the wants and needs.

Essentials of Economics Three Basic Economic Questions Think About It……. If you were starting an economy from the beginning, what questions would need.

Economic Systems of the World. What are the major types of Economic systems ? How does each answer the 3 Basic Economic Questions? Traditional Market Command.

 Each economy has to answer three specific questions  How it answers these questions determines what kind of economy it is going to be.  The three.

World Economies Social Studies/Economics Robert Louis Martinez.

Types of Government Basic Economic Unit Part II. Types of Economic Systems.

Different World Economies Economics 11 Chapter 2.

ECONOMIC SYSTEMS Around the World. Learning Targets 4a. Understand the various forms of economic systems which exist in different societies and cultures.

Economic Systems Command, Market, and Traditional.

Economic Systems Economics.

Economic Systems. Scarcity Means There Is Not Enough For Everyone Government must step in to help allocate (distribute) resources 2 Copyright ACDC Leadership.

Economic Systems ► Economists have identified 3 basic kinds of economic systems. ► 1. Traditional Economy ► 2. Command Economy ► 3. Market Economy.

Standard:12e2.3 Explain the roles of property rights, competition and profit in a market economy ESLR-Analytical Thinkers Collaborative Workers Effective.

The process of a nation, or society, follows to produce goods, and services Four types (traditional, command, market, mixed)

Chapter & 26.3 Objectives Economic Systems.

Chapter 2 Fundamental Concepts.

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.

Answering the Three Economic Questions Ch.2-1 What key economic questions must every society answer? What basic economic goals do societies have? What.

Or… Capitalists do it with an invisible hand… Chapter 2, Section 1.

UNIT 7 PAGES OVERVIEW OF THE US ECONOMY. OVERVIEW OF BASIC ECONOMIC SYSTEMS Traditional : based on customs and traditions Command : government.

Types of Economic Systems. Market The government has no say in what, how, or for whom to produce The factors of production are owned by individuals The.

Economic System. When deciding how to use it’s limited resources, every country answers 3 questions about production and distribution. 1. What will be.

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.

Economic Systems. Economic Questions about the production and distribution of goods 1. What goods will be produced? 2. How will the goods be produced?

 Identify the four different economies  Analyze the difference between economies.

ECONOMIC SYSTEMS. WHAT IS AN ECONOMIC SYSTEM? Economic system: the structure a society uses to produce and distribute goods and services.

Types of Economies UNIT VI – Fundamentals of Economics.

Economic Systems. What is an economic system? It is a system that describes how a country’s economy is organized Every country needs a system to determine.

 What is an economic System?  Method used by a society to produce and distribute goods and services  Which economic system a country uses depends on.

PPF and Opportunity Cost

7 th Grade Social Studies Instructor Mr. Babcock.

Social Studies/Economics. Economics: The study of uses of scarce (Limited) resources to satisfy unlimited human wants.

CHAPTER 2: SECTION 1 Economic Systems Three Economic Questions All nations in the world must decide how to answer three economic questions about the production.

How the Government influences how I make money.

Economic Systems I will: identify parts of the 3 basic economy types and examples of countries for each We will: Identify and correctly label descriptions.

Economic Systems UNIT FIVE NOTES.

Different Economic Systems

Economic Systems.

Economic Systems.

Organized set of procedures that answer the basic economic questions.

Economic Systems UNIT FOUR NOTES.

Economic Systems.

They differ according to two main characteristics.

Economic Systems and the American Economy

They differ according to two main characteristics.

Economic systems.

Basic Economic Unit Part II

Types of Economies.

Introduction to Business & Marketing

Economic Systems and the Role of Government

Types of Economic Systems

Types of Economies 1.

3 Economic Systems Market Economy Command Economy Traditional Economy.

Top ten things you need to know

Presentation transcript:

Mr. Odren Economics Economic Systems

What is an Economic System ? The structure by which a nation uses it’s resources to satisfy the wants and needs of it’s people

How does a nation satisfy wants and needs? By answering three basic questions. 1. What to produce? 2. How to produce it? 3. For whom will it be produced?

Nations answer these questions differently, creating 3 different types of economies: 1. Traditional 2. Market (free-enterprise) 3. Command

Traditional Economies Based on tradition, culture, custom, and religion Rarest type of economy in use today Some traditional economies still thrive in small communities throughout Asia, the Middle East, and Africa.

Market Economy Individuals own the Four Factors of Production. 1. Land 2. Labor 3. Capital 4. Entrepreneurial Ability Individuals answer the 3 basic economic questions Government has little involvement in the economy…..a.k.a. “Laissez-Faire” (“Let it be”)

Market system cont… Since individuals control what to produce, how to produce, and for whom to produce, they have more motivation to do well for themselves. This is known as having Self-Interest If everyone tries to do what’s best for themselves, then everyone is contributing to the overall economy

This concept was proposed by Adam Smith, and is known as “The Invisible Hand Theory” Everyone working for their own self- interest “pushes” (like a hand) the economy to grow. Examples of Market Economies Today: U.S.A. Japan, Germany, Canada, England, Mexico

Command Economy The individual has little or no influence in the economy The government answers the 3 basic economic questions for you. The government controls the economy It sets prices, distributes resources, and controls the factors of production The government decides what to make, who gets what, and how to make it…..

Examples of Command Economies Cuba, Vietnam, North Korea

Questions… 1. Which type of economic system do you think would best satisfy the wants and needs of a nation? Why? 2. Why are traditional economies unpopular as economic systems? 3. Which type of economic system seems the most “fair”? Why?