Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free...
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![Page 1: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/1.jpg)
Economic Systems LG2: Describe how the distribution of goods and
services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify
where various countries fall along the economic spectrum.
Criteria for Success:•Define Free Enterprise, Mixed/Socialist, and Command Economies•Explain what groups hold the power in these economic systems and who determines how goods/services are distributed•Classify where various countries belong on the eco spectrum
![Page 2: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/2.jpg)
Which words are you familiar with, and which do you not yet
know?Traditional Economy
Command Economy
Market Economy
Control Beliefs and Customs
Supply and Demand
Communism Free Enterprise
Socialism
![Page 3: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/3.jpg)
How are goods produced and traded here?
TRADITIONAL ECONOMY! TRADITIONAL ECONOMY! (Poorer nations, tribal (Poorer nations, tribal culture)culture)
Traditional economy
Determined by
Survival and needs of the tribe or village
Determined by
Customs and beliefs passed down
Determined by
Self, family, fellow tribe members
•Individuals, families, and tribes produce the goods and products that they need.
•The goods produced through: customs, beliefs, and traditions passed directly to the young.
•Individuals produce & consume goods, but trade occurs when special skills or surplus goods are available through direct barter. Ex.: Australian Aborigines
![Page 4: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/4.jpg)
How are goods produced and traded here?
A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. The command economy is a key feature of any communist society. Ex.: Cuba, North Korea and the former Soviet Union
COMMAND/ COMMAND/ PLANNED PLANNED ECONOMY!ECONOMY!
![Page 5: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/5.jpg)
How are goods produced and traded here?
An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning. Ex.: Japan, USA, Hong Kong
FREEFREE ENTERPRISE/ENTERPRISE/MARKET MARKET ECONOMY!ECONOMY!
![Page 6: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/6.jpg)
How are goods produced and traded here?
MIXED/SOCIALIST MIXED/SOCIALIST ECONOMY!ECONOMY!
An economic system that includes a mixture of free enterprise/market and socialism. This type of economic system includes a combination of private economic freedom and centralized economic planning and government regulation. Ex.: France, Sweden, U.K.
![Page 7: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/7.jpg)
What do you notice?
FORMER USSR
CUBA
CHINA
NORTH KOREA
SWEDEN
NETHERLANDS
FINLAND
CANADA UNITED STATES
RUSSIA
FRANCE
U.K. JAPAN
MONACO
HONG KONG
![Page 8: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/8.jpg)
Let’s see what we know…Which are you ready to
answer, and which do you need a peek?
Using the economic spectrum, where would Canada fall in relation to the United States?A closer to socialismB closer to free enterpriseC closer to the communismD much closer to free enterprise
Where would Japan likely fall on the economic spectrum?F Command G Mixed/SocialistH TraditionalJ Free Enterprise
![Page 9: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/9.jpg)
Let’s see what we know…Which are you ready to
answer, and which do you need a peek?The European
Union has which type of economy?A traditional economyB command economyC mixed economyD limited economy
Which of the following is an example of an economy where economic decisions are made based on customs and beliefs?A Han in ChinaB Belgians in EuropeC French in CanadaD Aborigines of Australia
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Talk to each other, and then talk to me… EXIT
SLIP!!Venn Diagram& Turn In…..• How do economic systems and political systems
compare & contrast to one another?
• Draw a Venn Diagram and Label one side Centralized eco/govt & the other side Decentralized eco/govt. Organize the Economic & Political systems based on the characteristic of each…MEANING…Which economic system would you typically find in which political system?
• Questions??? Ask now or forever hold your peace
![Page 11: Economic Systems LG2: Describe how the distribution of goods and services is determined in a Free Enterprise, Mixed/Socialist and a Command economy. Classify.](https://reader036.fdocuments.net/reader036/viewer/2022082817/56649e295503460f94b172fc/html5/thumbnails/11.jpg)
Resources
• http://vmswebbuilders.weebly.com/• http://www.wisegeek.com/what-is-a-traditional
-economy.htm• http://economicsonline.co.uk/Competitive_ma
rkets/Economic_systems.html• http://www.web-books.com/eLibrary/NC/B0/B
66/006MB66.html