Introduction to economics

Introduction to economics

ECONOMIC SYSTEMS Spring Semester 2019 Stater Always remember Economics is the study of choices related to resources, production, and consumption 4 Types of Economic Systems Command

Market Traditional Closed #1 Command Economies Characteristics: Centrally operated by government, which: Prohibits personal property Decides what is made Controls prices and supplies

Major Goal: Create social equality #2 Market Economies Characteristics: Pure Market Economy: No govt intervention Mixed Market Economy: Combo of command & pure market

Some govt intervention Producers & consumers can make economic decisions Major Goal: Promote free economic choices #3 Traditional Economies Characteristics: Based on

traditions/customs of family/community Center on barter/trade (not $) Hunting, gathering, farming Major Goal: Preserve traditional customs #4 Closed Economies

Characteristics: Restrict trade with international partners Isolation from rest of the world Major Goal: Maintain selfsufficiency

QUICK QUIZ The most common economic system in the world is a a.closed economy. b.command economy. c.mixed market economy. d.traditional economy. QUICK QUIZ What is one example of a closed economy? a.a barter system that does not rely on money or other currency b.a restricted system that blocks trade with

international partners c.a trade-based system that encourages the flow of goods and services d.an old-fashioned system that preserves traditional choices and customs QUICK QUIZ The goal of a command economy is to a.sustain self-sufficiency. b.preserve traditional customs. c.create equality within a society. d.promote free economic choices.

Governments & Economic Systems The more involved a govt is in the economy, the more restrictive that economy will be Command Economies: Socialism Govt can control factories/means of

production Citizens may often own homes, but not businesses Ex: Norway, Cuba (was Communist, is reforming) Command Economies: Communism Focus on promoting social/economic

equality The state: Owns property Employs workers Ex: North Korea Mixed Market Economies: Republics Provide many freedoms Elect representatives Citizens can:

Change jobs Own businesses People provide their own necessities Comparing Command & Mixed Market Economies Command Pros Cons

Mixed Market Pros Cons Govt may provide Tough to start a necessities for business citizens Independence & choice

Citizens pay for necessities Smaller income gap Greater opportunity to gain wealth Larger income gap

Tough to become rich High taxes Employment not guaranteed QUICK QUIZ A mixed market economy tends to exist under a a. communist government that provides little regulation. b. democratic government that provides some

regulation. c. representative government that provides no regulation. d. socialist government that provides a lot of regulation. QUICK QUIZ In a communist command economy, workers are employed by a.the agencies. b.the consumers. c.the producers. d.the state.

Recently Viewed Presentations

  • Submillimeter measurements of the Criegee intermediate CH2OO ...

    Submillimeter measurements of the Criegee intermediate CH2OO ...

    Submillimeter measurements of the Criegee intermediate CH 2 OO, in the gas phase. ADAM M. DALY, BRIAN J. DROUIN, SHANSHAN YU. Jet Propulsion Laboratory, California Institute of Technology, 4800 Oak Grove Dr., Pasadena, CA 91109
  • Emotivism - Rossett REP

    Emotivism - Rossett REP

    Virtue ethicist . Alasdair . MacIntyre . argues that emotivism wrongly places child carers and paedophiles as equals. Explain why in your notes. Opinion Line: Mel Thompson famously said"You cannot reduce morality to a set of cheers and boos."
  • Microsoft PowerPoint - Final. DISBO Council Meeting (9 22 ...

    Microsoft PowerPoint - Final. DISBO Council Meeting (9 22 ...

    Bureau of Diversity, Inclusion and Small Business Opportunities (BDISBO) MISSION: Support the growth and development of small businesses (SBs) and small diverse businesses (SDBs). VISION: To increase Commonwealth SB/SDB spend and create a more welcoming and conscientious SB/SDB procurement culture...
  • EL BAUTISMO EN AGUA - Iglesia Nueva Vida

    EL BAUTISMO EN AGUA - Iglesia Nueva Vida

    Mateo 28:16-20 Marcos 16:14-18 Hechos 19:1-7 Hechos 8:26-40 * * * * * * * * * * Mateo 28:16-20 La expresión "estaré con vosotros hasta el fin del mundo", no es el fin de la tierra, sino hasta que...
  • Livestock Evaluation - Infovets

    Livestock Evaluation - Infovets

    Lesson Outline Steps to Judging Swine Evaluating Degree of Muscling Evaluating Growth Evaluating Capacity or Volume Evaluating Degree of Leanness Evaluating Structure and Soundness Evaluating Underline Quality Example Market Hogs Steps to Judging Swine Evaluate animals from the ground up...
  • Aim: What is Gestalt Psychology?

    Aim: What is Gestalt Psychology?

    "The whole is greater than the sum of the parts" Figure/ground: When we look at a scene we instantly get a feeling of figure and ground Closure: We fill in the gaps to create a complete, whole object Similarity: Objects...
  • Atmosphere Jeopardy

    Atmosphere Jeopardy

    Layers of the Atmosphere. Heating the Earth. Climate Change. Characteristics of the Atmosphere
  • Managing Distributed Data through Shared Collections

    Managing Distributed Data through Shared Collections

    Sustained funding for the next three years (NSF, NARA) William Charles Wentworth (1790-1872) Noted Australian explorer and statesman Ancestry 8,979 ancestors 84,628 descents from Charlemagne Cousins Queen Elizabeth 10th cousin, 3 removes George Washington 11th cousin, 3 removes Reagan Wentworth...