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Presentation transcript:

3 Questions

3 questions every society must answer allocation of resources What goods shall be produced? How will the goods be produced? For whom will the goods be produced? How a society answers those questions defines its economic system.

Think about a very small society What goods shall be produced? How will the goods be produced? For whom will the goods be produced?

___________ “Market Economy” Free Enterprise Characteristics: X ___________ Capitalism Socialism “Market Economy” Free Enterprise Characteristics: “Command Economy” Communism Characteristics Private Ownership of Resources Government plays a small role No central economic plan Variable Income Distribution Market supply and demand sets prices so prices fluctuate Government Ownership of Resources Government Controls the Economy Government creates a central plan Government may redistribute income (income distribution) May use price controls to regulate market

Why is the United States considered a mixed economy? ___________ Free Enterprise Socialism X MIXED ECONOMY Ownership of resources; private property? Governments Role in the Economy? Intervention in the Market; the role of price? Why is the United States considered a mixed economy?

Why is the United States considered a mixed economy? With your partner, create a list in your notes of all the ways you can think that prove that the Canada is a mixed economy.

Homework: Create a spectrum. Free Enterprise________________________Socialism Research these 5 countries. (Hint: CIA World Factbook) India, Cuba, Canada, Australia, Sweden One additional country of your choice Place them in their appropriate place on the spectrum Write a brief explanation of why you placed them where you did.

Homework: Create a mini-poster. For the country you’ve selected, please research the following: Where is it? What are the natural resources? What is its economic system? What is produced? How is it produced? For whom is it produced? What is government’s role in the economy? Does it have a “free market”? Is there private property? Role of exports and imports? GDP Per capita income Population Other Economic Facts ? Hint: User CIA World Factbook Due September 13, 2013

United States Visually attractive Include all info It’s located…. Mixed Economy because… 300,000,000+ Visually attractive Include all info GDP = per capita income