Economic Market Systems I can explain the production, distribution and consumption of goods and services in economy.

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Presentation transcript:

Economic Market Systems I can explain the production, distribution and consumption of goods and services in economy.

Learning Target ▪ I can explain the production, distribution and consumption of goods and services in economy.

Command Economy ▪ Controlled by the government ▪ Government decided what is produced ▪ Central authority sets the prices of goods and services

Developing Economy ▪ Not yet industrialized ▪ Still developing

Traditional Economy ▪ Most people earn their living based on the tradition of their family and the area.

Market Economy Private ownership Private ownership decides what gets produced Supply and Demand determines the price of products

Mixed Economy Is a mixture of one or more economic systems.

Where do we find these types of economies? CommandDevelopingTraditionalMarket North Korea Cuba Chad India Somalia Bangledesh Vietnam Indonesia United States Germany Great Britian

Your Mission… ▪ Create a postage stamp for each individual system. ▪ The stamp should be colorful and creative. ▪ All art should reflect the characteristics of each system.

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