1 / 7

Command

forest
Download Presentation

Command

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What are economic systems?Economic systems are the different ways people and nations go about meeting their daily needs. All economic systems are concerned with producing goods.You will learn about 5 different world economic systems. You will use the information in these slides to complete the spectrum sheet I gave you in class.

  2. Command • A command economy is a system where the government owns the property, sets prices and wages, tells people what jobs they will do and how much to produce. Sometimes this type of economy is called “communist.”

  3. Market • In a market economy, individuals make key economic decisions. They decide what to produce, who will want it (demand), how much to produce (supply), and how much to charge (price). Individuals own private property and decide what jobs they will have. This system is sometimes called “free enterprise system” or capitalism.

  4. Mixed • Most nations have a mixed economy. This type of economy is some type of combination of market and command economies. The United States prides itself on its market economy. However, the government may regulate prices or set rules as in the airline industry and companies that provide gas and electricity.

  5. Traditional • In this type of system, people meet their needs on the basis of their customs. These have been handed down over many years. Many people are simple farmers who grow just enough food to feed their families and most communities make what they need locally. The terms subsistence farming and cottage industry are often used when referring to a traditional economy.

  6. Socialism The government functions as a democracy, but it has a large role in people’s lives. It uses tax money to take care of many of its people’s needs: health care, college tuition, maternity leave, etc.

  7. Assignment: • Use the definitions from this slideshow to place your economic terms on your spectrum. • I have provided extra copies of the economic terms and spectrum sheet on my website. • Remember the completed spectrum is due on Friday, October 4th.

More Related