Warm-up 1. What is Capitalism? 2. List 2 synonyms for capitalism. 3. Who makes the most decisions when you have a market economy? 4. List 3 reasons why capitalism works. QUIZ Tomorrow 25 questions Matching and MC
Study Vocabulary Into to Economics Making Economic Decisions Revenue Capitalism ECONOMIC SYSTEMS Measure of Economies Around the World People often measure economic well-
being by the amount of their income. The success of the overall economy is measured in a similar way. Countries call this the GDP. The Gross Domestic Product (GDP) is the total value in dollars, of the final goods and services produced in a country during a single year
Economic Systems Economic Systems around the world vary. In the US, they are based on markets. Others like China feature far greater government control Basic Economic Questions What goods and services should be
produced? How should these goods and services be produced? For whom should these goods and services be produced? Traditional Economy Traditional Economy- relies on habits and customs; Economic decisions are based on
beliefs, (often religious) handed down from generation to generation How are economic questions answered in the traditional economy? By tradition Not concerned about growth of the economy Who/What influences the economy? Traditions, customs, precedent Production of goods is based on needs or essential services
Traditional Economy Advantages- little surplus or waste of goods people know their role in society less destructive to the environment much cooperation among the people; shared resources Disadvantages Lower standards of living prone to vulnerability due to changes in the weather
difficult to change Example- Tribes Market Economy Market Economy- Economic system is which all economic decisions are made by the citizens How are economic questions answered in the market economy? What? Most profitable How? Least cost
For Whom? Highest bidder Growth is successful and efficient Who/What influences the economy? Citizens, Supply & Demand, Competition, Invisible Hand In this system the Government loses power Market Economy Adam Smith is the founder of Modern Economics; Capitalism Advantages-
Promotes production Innovation and development People have choice Disadvantages- Profit Motive; In many cases, companies may sacrifice worker safety, environmental standards and ethical behavior to achieve those profits When a free market spins out of control, the consequences can be severe
Example- The United States (FINAL EXAM ANSWER) Command Economy Command Economy- Government makes all decisions on the production and consumption of goods How are economic questions answered in the Command economy? Whatever the government decides is needed at the least cost method
Growth is slow and insufficient Who/What influences the economy? Government has complete control In this system people/citizens lose power Command Economy Karl Marxs- Communist Manifesto Socialism- the belief that the means of production should be owned and controlled by
society either directly or through the government; Wealth is distributed equally among the citizens Communism- Land and capital are owned by the government not private citizens and the Government decides what to produce, how to produce the goods, and for whom to produce the goods for; Fixes the wages of all workers and sets prices Command Economy Advantages-
Decisions are made quickly and effectively Governments can execute massive projects and build industries Override self interest Easy to rebuild the economy Disadvantages Individuals needs are ignored Innovation is limited Has trouble in global markets Do not listen to consumers
Examples- Cuba, North Korea, Iran, Soviet Union (1920-1991); Communism and Socialism Mixed Economy Mixed Economy- Market and government based How are economic questions answered in the Mixed economy? Government & citizens Growth depends on the government and citizens; varies Who/What influences the economy?
Citizens and Government; also Elections and accountability In this system the government or citizen can lose power; varies John Maynard Keynes- The Economic Consequences of the Peace Mixed Economy Advantages- State provides the essential services
Private sector encouraged for profits Competition keeps prices low Consumer choice Inefficient business behavior controlled Disadvantages- Heavy taxes reduce incentives to work hard or make profits Less efficient than private sector Excessive control over business activity can add costs
and discourage enterprise Mixed Economy Examples- Technically United States (not the exam answer), mostly market, some command; China, mostly command, some market; France, Canada, United Kingdom COMMAND_________________________________________________MARKET
Economic Systems Chart Make a Hand Turkey! Choose one of the following Traditional Economy Free Market Economy Command Economy Mixed Economy Become an expert on one of the above. Use the hand turkey to tell about that economic system. On the hand write the name of one economic system. On the fingers use words or phrases that describe
the system. P 715 or use your technology Part 2 Group Activity- Venture Capitalist After researchingCreate an oral presentation about your person to share with the class. It can be a short oral report, a poem, a rap, a song or a play. No written expression! We will share these Monday after the Quiz.
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