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The Economic Spectrum World Geography Unit 6, Lesson 4 ©2012, TESCCC
Economic Systems Communism Capitalism Socialism Free MarketTraditional Economy (Subsistence agriculture - farmers grow enough for their family Communism Capitalism Economic Systems Free Market Free Enterprise Controlled Economy Socialism High degree of government control Public Ownership (land and/or natural resources Low degree of government control ©2012, TESCCC
What is economics? A social science concerned with description and analysis of the production, distribution and consumption of goods and services. Goods: things you use or consume (food, books, cars, cell phones, etc.) these are things you can touch Services: something someone does for you; a service provided for you (haircut, someone fixes your car, someone tutors you, etc.) these are things you cannot touch If time permits or for homework, students may keep a vocabulary journal throughout this lesson because it is heavy on terminology relevant to economics. Production Distribution Consumption Goods and Services ©2012, TESCCC
Economic Systems Communism Capitalism Socialism Free MarketSubsistence Agriculture (Farmers grow enough for their family Communism Capitalism Economic Systems Free Market Free Enterprise Controlled Economy Socialism Government Control Public Ownership (land and/or natural resources Low degree of government control ©2012, TESCCC
Economic Systems Capitalism (Free-Market Economy; Free EnterpriseTraditional (Subsistence agriculture - farmers grow enough for their family Capitalism (Free-Market Economy; Free Enterprise Communism (command economy) Socialism How much control over the means of production (how much to produce/what to produce, to whom/how it is distributed and the overall decision making process Production Distribution Consumption Goods and Services ©2012, TESCCC
Economic Systems Traditional: This economic system is based on hunter-gather or subsistence agriculture Free Enterprise: This economic system is based on private ownership of business and individual decisions on what to buy or sell. Command Economy: This economic system is based government control of businesses and decisions regarding types and locations of economic activity and production. Citizens can be assigned or strongly encouraged into various employment. There is little or no private ownership of businesses. Mixed Economy: This economic system forms the array between free enterprise (capitalism) and command economies (communism) with some private ownership and some government control of businesses. ©2012, TESCCC
Economic Activities Primary: Extracting natural resources or harvesting goods directly with no processing or manufacturing. Secondary: Manufacturing or processing raw materials. Tertiary: Providing a service. Quaternary: Researching, collecting, recoding, storing, exchanging, and disseminating information and data. Providing services for producers. ©2012, TESCCC
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