Economics Recovery Unit 1: Fundamental Economic Concepts Lesson 3: Economic Systems  What are the basic characteristics of economic systems?  How do.

Slides:

Advertisements

Similar presentations

Capitalism and Free Enterprise

Advertisements

Economic Systems.

Economic Systems: Directions

Session 2 Economic Systems Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank.

Notebook # 7- Economics 2-3

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

Starter: Get out the reading on Types of Economic Activities from yesterday.

Economic Systems Section 2.2 Scarcity of economic resources forces every country to develop an economic system that determines how resources will be used.

Economic Systems.

Economic Systems UNIT TEN NOTES.

Economic Systems.

Government And Economy.  Democracy, Monarchy, Dictatorship.

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

 A market economy is based on capitalism, a system in which private citizens own the factors of production.  Capitalism thrives on competition, the.

Economic System and Decision Making Chapter 2. TRADITIONAL Allocation of scarce resources, and nearly all other economic activity, stems from ritual,

Warm-up- Honors Journal Activity 1. What are the 4 factors of production used to make goods and services? 2. How does the interaction of supply and demand.

Capitalism Chapter 19 Lesson 3. Capitalism System where private citizens own and use the factors of production in order to seek a profit.

Capitalism and Free Enterprise Market economy is based on capitalism – Capitalism thrives on competition – Free enterprise is another term to describe.

Marketing I Curriculum Guide. Objective To understand the role of business in the free enterprise system. Be able to define free enterprise system Understand.

Economic Systems Capitalism Socialism Communism. Definition A system for producing, selling, and distributing goods and services.

Economic Systems and Decision Making. Objective Understand the different major economic systems.

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

Capitalism, Socialism, and Communism

Economic Systems Types of Economic Systems. Traditional Economic System  Based on beliefs, customs and ways of doing things handed down from generation.

Read to Learn Describe the three basic economic questions each country must answer to make decisions about using their resources. Contrast the way a.

World Economic Systems

Foundations of American Government. The Functions of Government  Government is an institution in which leaders use power to make and enforce laws. 

Capitalism. A market economy is normally based on a system of capitalism, where private citizens, many of whom are entrepreneurs, own the factors of production.

BUSINESS MANAGEMENT PAVONE 3-2 ECONOMIC SYSTEMS. INTRODUCTION Remember that no country has enough resources to satisfy all the wants of all people for.

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.

The MIXED economy. Objectives:  Identify key terms that describe capitalism and mixed economies  Describe the role of the government in a free enterprise.

Economics Unit 2: Competitive Markets Lesson 6: Fundamental Economic Questions.

Basic Economics.

Economic Systems and the American Economy. Economic Systems Why do we, as American consumers, have so many choices?

ECONOMIC SYSTEMS Business Management. Today’s Objective  Compare economic systems, free markets, and economic-political systems  3 major economic systems.

Economics Chapter 2 Section 1 Economic Systems What is an economic system? What are some types of economic systems that you may of studied in the past?

7 th Grade Social Studies Instructor Mr. Babcock.

Types of Economic Systems

Economic Systems Chapter 2 – Sections 1 & 2.

Capitalism and Economic Freedom

Basic Characteristics of a Market Economy

Economics Unit 1 Fundamentals of Economics

Economics Chapter 2 Review.

What are the roles of government in our free enterprise economy?

Traditional Economy Decisions made largely by customs and habits of the past.

Bell Ringer # Why do we, as American consumers, have so many choices?

Economic Systems Business Management.

Market Economy 6 Traits.

Economic Systems NOTES.

Economic Systems UNIT NINE NOTES.

Adam Smith PURE CAPITALISM

វិទ្យាស្ថានខ្មែរជំនាន់ថ្មីInstitute of New Khmer

ECONOMIC SYSTEMS Unit 1, part 2

Economic Systems and the American Economy

World Economic Systems

Economic Systems.

Chapter 2.3 notes.

Economic Systems.

Use the descriptions to place your terms on your spectrum.

Economic Systems.

Unit 9, Lesson 5: Economic Systems

US Capitalism Macdonald Economics.

ECONOMIC SYSTEMS & DECISION MAKING (PART THREE)

Mixed Economies Chapter 2 Lesson 3

Economic Systems and Decision Making

Basic shtuff Camp says you MUST KNOW!

Presentation transcript:

Economics Recovery Unit 1: Fundamental Economic Concepts Lesson 3: Economic Systems  What are the basic characteristics of economic systems?  How do the basic characteristics of the free enterprise system, socialism and communism compare to each other?  What are current examples of the free enterprise, socialist, and communist economic systems? What are their main characteristics?  Why do all the following terms describe the U.S. economic system? Free Enterprise Free Market Capitalism

What are the basic characteristics of economic systems? Property rights People may control the things they own as they wish.

What are the basic characteristics of economic systems? Incentives Something that motivates an individual to perform an action.

What are the basic characteristics of economic systems? Economic Freedom The freedom of people to make their own economic decisions.

What are the basic characteristics of economic systems? Competition Buyers force sellers to bid against one another for the lowest price. Sellers force buyers to bid against one another for the highest price.

What are the basic characteristics of economic systems? Role of Government Protector—Protects buyers from unsafe products and false claims Provider—Provides services like education and defense Regulator—Enforces rules to insure fair competition Promoter—Encourages the will of the majority

Free Enterprise (Also called Free Market or Capitalism) In a free enterprise system, the production of goods and services is decided by the demand from consumers. Private individuals and groups decide what is to be produced, how much will be produced, and the prices that will be charged. Government owns People own How do the basic characteristics of the free enterprise system, socialism and communism compare to each other?

Communist In a communist system, a type of command economy, the economy is controlled by the government and nearly all economic decisions are made by government leaders. In a communist system, decisions are often made with social and/or political goals in mind. Government ownsPeople own How do the basic characteristics of the free enterprise system, socialism and communism compare to each other?

Socialist In a socialist system, a type of mixed economy, the government owns and runs some industries (such as banking or health care) while private individuals or groups operate others parts of the economy. Government ownsPeople own How do the basic characteristics of the free enterprise system, socialism and communism compare to each other?

What are current examples of the free enterprise, socialist, and communist economic systems? What are their main characteristics? FREE ENTERPRISE COMMUNISTSOCIALIST United States North Korea Sweden

Why do all the following terms describe the U.S. economic system? Free Enterprise Free Market Capitalism Free Enterprise = Free Market = Capitalism

Directions: In your own words, describe each economic system. Draw a picture showing what it looks like. Free Enterprise Socialism Communism