Economic Systems - ohio.k12.ky.us

Economic Systems - ohio.k12.ky.us

Economic Systems 8th Grade U.S. History Mr. Embry Chart Activity Complete the Major Economic Systems chart handout as we progress through the notes.

Three Basic Questions??? Every society must answer three basic question. Who or What Determines: 1. What gets produced? 2. How things get produced? 3. For whom to produce for? Different Types of Economies

We have three different types of economic systems. 1. Market 2. traditional 3. Command What is a Market Economy? Definition- economic system in which the prices of goods and services are

determined by supply and demand. This can also be referred to as a Free Market Economy. Examples: United States, Japan, France, and England. Market Economies Three Basic Questions

The producers and consumers in a market place are responsible for deciding what gets produced, how things are produced, and for whom they are produced for. Advantages of Market Economies

1. Can adjust to change easily. 2. Provides a variety of goods and services. 3. People have the ability to make as much money as they can and do whats in their best interest. 4. For the most part, businesses can produce what they want, when they

want. Disadvantages of Market Economies 1. Doesnt always provide the basic needs to everyone in society (sometimes the weak, sick, disabled, or elderly have trouble providing for themselves). 2. Does not guarantee security or financial

success. 3. Occasional market failures (which can lead to some companies having to much power and becoming a monopoly, charging outrageous prices). What is a Traditional Economy?

Definition- economic system in which resources are given by inheritance. This economy has a strong social network based on older methods and tools. Examples: Ethiopia, Somalia, New Guinea Traditional Economies Three Basic Questions

In this type of economy, the three basic questions are settled by traditions, customs, and beliefs. This is the basis for deciding what gets produced, how things are produced, and for whom they are produced for.

Advantages of Traditional Economies 1. People have individual roles that are clearly defined. 2. Best of the past is retained and continued. 3. Older ways have proved to be effective for survival.

Disadvantages of Traditional Economies 1. These types of societies are slow to change. 2. New technology is discouraged, making it harder to improve. What is a Command Economy?

Definition- an economy in which the government manages the economy. Examples: Cuba, North Korea, Bulgaria, China Command Economies Three Basic Questions In a command economy, the three basic

questions are settled by economic planners from the central government. Advantages of Command Economies 1. Guarantees equal standard of living for everyone. 2. Needs are provided through the government (health care, education

hunger). 3. Less crime and poverty. 4. No sudden economic depressions. Disadvantages of Command Economies 1. Minimal choices for the people (careers and goods). 2. No incentive to do better quality

of work. Quiz Time Major Economics Systems Quiz Write either T or F I the blanks below. If you answered F, tell why. ___1. List the three major economic systems.

___2. Which type of economy has its three basic questions settled by economic planners from the central government? ___3. Which type of economy has resources that are given are given from inheritance? ___4. List two advantages of a market economy. ___5. What are the three basic questions that every society must answer?

Quiz Time ___6. Which economy is also referred to as a Free Market Economy? ___7. Ethiopia, Somalia, and New Guinea are all examples of what type of economic system? ___8. Which type of economy has its three basic questions settled by producers and consumers in a market place? ___9. Give two examples of where we can find a

command economy? Quiz Time ___10. List one advantage of a traditional economy. Final Answer? How well did you do?

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