Three Types of Economies. 1. Traditional Economy - economic decisions based traditions/customs - all members work together to support society - societies.

Slides:



Advertisements
Similar presentations
Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
Advertisements

Chapter 13: What is an economy?
Economic Systems CHAPTER 2 SECTION 1: Types of Economic Systems
WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.
Types of Economic Systems
Foundations of Government Part 8: Economic Types and Systems.
The way a group of people produce and distribute goods and services.
Economic Systems.
Traditional Economy Closely tied to the environment
Traditional Economy The basic economic decisions are made according to long-established ways of behaving.
What is an Economy? Free Enterprise System Standard 1 Objective 2.
III. Economic Systems.
Term 1 Economic system: An organized way of providing for the wants and needs of a countries people.
Economic Systems UNIT TEN NOTES.
Three Types of Economies Types of Economic Systems Traditional Economy Command Economy Market Economy Mixed Economy These economies have different ways.
Economic Systems.
Economics & Economic Decision Making Warm Up: Make a list of 4 life goals you hope to achieve. Write in notebook with today’s date and share with friends!!
 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.
Capitalism Chapter 19 Lesson 3. Capitalism System where private citizens own and use the factors of production in order to seek a profit.
Introduction to Economic Systems Personal Finance Mr. Tumino.
To economists, everything other than basic survival needs is considered a want. 123.
Standard 1: Scarcity and Economic Reasoning Objective: Understand why choices need to be made and things given up Essential Knowledge: Scarcity, Factors.
Traditional, Command, & Market
Economics is a Way of Thinking Economic Question Factors of Production Economic Market Different Economies.
 No economic system is completely command or completely market.  There’s a mixture of government in a market economy.  There’s also a mixture of markets.
Warm-up 9/5/2014 What two states are east of Texas on the map on pages RA6 and RA7? Write the question. Answer the question in a complete sentence in your.
World Economic Systems
THREE TYPES OF ECONOMIES THREE TYPES OF ECONOMIES Vocabulary: Traditional Economy Command Economy Market Economy Profit Invest Free Enterprise.
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.
Chapter 2 Economic Systems You mean there is more than one?
ECONOMIC SYSTEMS WHAT ARE THEY? WHAT PURPOSE DO THEY SERVE?
{ Economic Systems Notes.  EVERY nation faces scarcity  Therefore they must make economic choices  The 3 Economic Questions  What goods & services.
2 Minute Writing Identify two facts you learned in your reading about economic systems.
Types of Economies UNIT VI – Fundamentals of Economics.
7 th Grade Social Studies Instructor Mr. Babcock.
Economics: SS7E1 The student will … Analyze different economic systems Traditional Economy Command Economy Market Economy.
Economic Systems.
Capitalism and Economic Freedom
Economic Systems.
Factors of Production -Capital or Capital Goods---the money or tools needed to produce goods/services -Land / Resources– the natural resources needed.
MARKET ECONOMIES Compare three types of economies
Economic Systems.
Economic Systems.
Three Types of Economies
The Fundamentals of Economics
Three Types of Economies
Economic Systems.
Types of Economic Systems
Economic Systems.
Notes Economics - The branch of knowledge concerned with the making, buying, and exchanges of money, goods, etc.
Economic Systems NOTES.
Economic Systems UNIT NINE NOTES.
ECONOMIC SYSTEMS Unit 1, part 2
Unit 1: Concepts (Economics) I
Traditional, Command, & Market
Types of Economic Systems
World Economic Systems
Economy Study Guide 2018.
Economic Questions Chapter 2 Section 1.
Economic Systems.
Traditional, Command, & Market
Economic Systems.
Economic Systems General Business Pg
Chapter 2 Economic Resources and Systems
Traditional, Command, & Market
Entrepreneurship Intensive Training
Economic Systems 1-3.
What is Economics? How do economists study the ways people make decisions on how to use their time, money, and resources?
Practice EOCT Questions
Basic shtuff Camp says you MUST KNOW!
Presentation transcript:

Three Types of Economies

1. Traditional Economy - economic decisions based traditions/customs - all members work together to support society - societies are small - people own factors of production *Very few traditional economies exist today

2. Command Economy - economic decisions made by government - factors of production owned by government - consumers have little/no power

3. Market Economy - economic decisions made by private individuals - factors of production owned by private individuals - bargaining process - profit -invest *market- a place or situation in which buyers and sellers agree to exchange goods and services

 Two other names for a Market Economy… - Free Enterprise- little or no control by government - Capitalism- private individuals decide how to use capital to produce goods/services *The United States is considered a market economy

 Mixed Economy - mixture of the three basic systems *Today, most countries have a mixed economy

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.