Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of...

7
Economic Economic Systems Systems

TAGS:

Transcript of Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of...

Page 1: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Economic Economic SystemsSystems

Page 2: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Economic QuestionsEconomic Questions

• What to produce?What to produce?– Allocation of factors of productionAllocation of factors of production

• How to produce?How to produce?– Methods of productionMethods of production

• For whom to produce?For whom to produce?– Distribution of goods & servicesDistribution of goods & services

Page 3: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Traditional SystemTraditional System• Questions answered by custom, Questions answered by custom,

habit, religionhabit, religion

• Choices are limited, change comes Choices are limited, change comes slowlyslowly

• Family values are key Family values are key

to social structureto social structure

AmishAmish

Iroquois IndiansIroquois Indians

Page 4: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Command System•Central authority Central authority

regulates productionregulates production

•Government owns the Government owns the factors of productionfactors of production

•Limited set of goods Limited set of goods producedproduced

Page 5: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Market SystemMarket System• Private firms produce goods & Private firms produce goods &

servicesservices

• Private producers decide Private producers decide how much to producehow much to produce

• The “invisible hand” The “invisible hand” guides the economyguides the economy

Page 6: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

Mixed Market SystemsMixed Market Systems• Government acts as stabilizer of Government acts as stabilizer of

economic activityeconomic activity

• Large unions & large Large unions & large corporations can dominate the corporations can dominate the marketmarket

Page 7: Economic Systems. Economic Questions What to produce?What to produce? –Allocation of factors of production How to produce?How to produce? –Methods of.

• Private ownership is mixed with Private ownership is mixed with public ownership of factors of public ownership of factors of productionproduction

• Regulation of private economy Regulation of private economy may be strong or weakmay be strong or weak


Economic Systems Unit 2 What is an economic system? The method used by a society to produce and distribute goods and services.

Economic Systems Unit 2 What is an economic system? The method used by a society to produce and distribute goods and services.

Chapter 2. Economic Systems Economic systems – way nations determine how to use resources All economic systems answer three basic questions: what to produce,

Chapter 2. Economic Systems Economic systems – way nations determine how to use resources All economic systems answer three basic questions: what to produce,

Basic Economic Questions: What to produce? How to produce? For whom to produce? Economic System The organization of an economy, which represents.

Basic Economic Questions: What to produce? How to produce? For whom to produce? Economic System The organization of an economy, which represents.

Growing Healthy Communities & Worksites. Healthier environments produce healthier people. Healthier people produce greater economic outputs, consume fewer.

Growing Healthy Communities & Worksites. Healthier environments produce healthier people. Healthier people produce greater economic outputs, consume fewer.

Chapter 2 Notes Economic Systems. Economic System The method used by a society to produce and distribute goods and services.

Chapter 2 Notes Economic Systems. Economic System The method used by a society to produce and distribute goods and services.

Canada’s Economy Unit 5 Notes. 3 Economic Questions… What to Produce? –Businesses decide and government approves/denies it How to produce it? –Businesses.

Canada’s Economy Unit 5 Notes. 3 Economic Questions… What to Produce? –Businesses decide and government approves/denies it How to produce it? –Businesses.

Economics in Africa and Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2) How to produce? 3) For whom.

Economics in Africa and Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2) How to produce? 3) For whom.

Major Concepts Major Concepts What to Produce? What to Produce? How to Produce it? How to Produce it? For Whom to Produce it? For Whom to Produce it?

Major Concepts Major Concepts What to Produce? What to Produce? How to Produce it? How to Produce it? For Whom to Produce it? For Whom to Produce it?

3 Basic Economic Questions What to produce How to produce it For whom to produce it Why do we need to answer these questions? Because wants often outweigh.

3 Basic Economic Questions What to produce How to produce it For whom to produce it Why do we need to answer these questions? Because wants often outweigh.

Governments - Thomas County School District Economy * Definition: economic decisions are based on habit, tradition, or custom * What to Produce? - past traditions * How to Produce?

Governments - Thomas County School District Economy * Definition: economic decisions are based on habit, tradition, or custom * What to Produce? - past traditions * How to Produce?

IN THIS CHAPTER YOU WILL LEARN: economic perspective. 3 …€¦ · what products to produce and how to produce them. Government entities are purposeful in deciding what pub-lic services

IN THIS CHAPTER YOU WILL LEARN: economic perspective. 3 …€¦ · what products to produce and how to produce them. Government entities are purposeful in deciding what pub-lic services

ECONOMICS What to produce? How to produce? For whom to produce?

ECONOMICS What to produce? How to produce? For whom to produce?

Economic Systems Benchmark: Compare how different economic systems answer the fundamental economic questions of what goods and services to produce, how.

Economic Systems Benchmark: Compare how different economic systems answer the fundamental economic questions of what goods and services to produce, how.

Economic Systems - Mr. Tyler's Lessons · Economic Systems •Economic System - the method used by a society to produce and distribute goods ... how to produce it, and to whom to

Economic Systems - Mr. Tyler's Lessons · Economic Systems •Economic System - the method used by a society to produce and distribute goods ... how to produce it, and to whom to

SS.912.E.1.3 Compare how the various economic systems (traditional, market, command, mixed) answer the questions: (1) What to produce?; (2) How to produce?;

SS.912.E.1.3 Compare how the various economic systems (traditional, market, command, mixed) answer the questions: (1) What to produce?; (2) How to produce?;

1. What to produce? 2. How to produce? 3. For whom to produce?

1. What to produce? 2. How to produce? 3. For whom to produce?

ECONOMIC SYSTEMS Ways that societies answer WHAT to produce, HOW to produce, and FOR WHOM to produce.

ECONOMIC SYSTEMS Ways that societies answer WHAT to produce, HOW to produce, and FOR WHOM to produce.

1 2 Economic systems are an important part of any culture Every society (culture) must answer the basic economic questions: –What to produce –How to.

1 2 Economic systems are an important part of any culture Every society (culture) must answer the basic economic questions: –What to produce –How to.

Economic Analysis of Cashew Nut Marketing Among Produce ...

Economic Analysis of Cashew Nut Marketing Among Produce ...

Canada’s Economy. 3 Economic Questions… What to Produce? –Businesses decide and government approves/denies it How to produce it? –Businesses decide &

Canada’s Economy. 3 Economic Questions… What to Produce? –Businesses decide and government approves/denies it How to produce it? –Businesses decide &