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Agenda

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... the Australian Aborigines Examples of Traditional Economies Aborigines Inuits Advantages Disadvantages Economic roles are set Stable, ... – PowerPoint PPT presentation

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Title: Agenda


1
Agenda
  • Bellringer/Review Activity
  • Notes Economic Systems
  • Should the US become more socialist?

2
Practice identify FOP
  • Tools you own?
  • Area in yard where you plant vegetables?
  • Lawn mower to cut grass?
  • Workers hired to plant beds?
  • Knowledge and skills from college?
  • Water and fertilizer used in garden?
  • Combining all elements to begin landscape biz?
  • Effort you exert in tending your garden?
  • What does Guns and Butter model depict?

3
Target Economic systems
  • Essential Learning Economic systems and theorists

4
Objectives
  • Students will demonstrate an understanding of the
    Big Three economic questions and how they apply
    to the four economic types

5
The Big Three Questions
  • Every economic system in the world, past and
    present, has to answer these three questions
  • What to produce? (How did economists answer this
    question?)
  • For whom to produce it?
  • How to produce it? (Who owns the factors of
    production?)

6
4 Different Economic Systems
  • Traditional
  • Command/Socialism
  • Capitalism/Market
  • Mixed

7
Traditional Economic System
  • Economic system is based on customs and
    traditions (handed down from 1 generation to
    another).
  • Allocation of scarce resources stems from ritual,
    habit, or customs
  • BARTER!! Means trade! No money!
  • Examples Africa, parts of India, the Australian
    Aborigines

8
Examples of Traditional Economies
  • Aborigines
  • Inuits

9
Advantages Disadvantages
  • Economic roles are set
  • Stable, predictable, and continuous
  • Discourages new ideas
  • Lack of progress
  • Lower standard of living

10
Does a traditional economy answer the big three
questions?
  • What will be produced?
  • Whatever tradition, values, and rituals dictate
  • How will it be produced?
  • However tradition, values, and rituals dictate
  • For whom will it be produced?
  • Whomever tradition, values and rituals dictate

11
Command Economy
  • A central authority (government) has to answer
    the big three questions
  • Government decides the needs of the people, the
    best way to produce it and for everyone!

12
Command Economy
  • There is very little if any input from the
  • people.
  • Examples North Korea, Cuba, China

13
Advantages Disadvantages
  • Basic Needs taken care of
  • Education, public health, other services cost
    very little if anything
  • Very little unemployment
  • Doesnt meet wants
  • No incentives
  • Requires a large bureaucracy
  • New and different ideas are discouraged
  • No room for individuality

14
Does a command economy answer the big three
questions?
  • What is being produced?
  • Whatever the government decides
  • How is it being produced?
  • The government will tell someone to make it
  • For whom is it being produced?
  • Whomever the government decides needs it

15
Capitalism/Market
  • System that relies on consumption choices made by
    consumers
  • Consumers dictate what is produced, how much is
    produced, and how much things cost

16
Capitalism/Market
  • Examples Canada, South Korea, Singapore,
    Germany, Great Britain, and the UNITED STATES!

17
Advantages Disadvantages
  • Individual Freedom for all
  • Lack of government interference
  • Incredible variety to choose from
  • High degree of consumer satisfaction
  • Rewards only productive people
  • Workers and businesses face uncertainty
    (Competition)
  • Not enough public goods (Education, health,
    defense)
  • Unemployment
  • Must guard against market failure

18
Answer the big three
  • What will be produced?
  • Whatever the consumer wants
  • How will it be produced?
  • Entrepreneurs will respond to demand
  • For whom will it be produced?
  • Whomever is willing to work for it (or afford it)

19
Mixed Economy
  • A mix of all of the other three economies
  • Some government involvement, consumer driven,
    aspects of economy based on traditional values
  • This is really what the US is.
  • Examples Obama Care, Bail outs yet consumer
    driven. Family owned stores and corporations.

20
Create a graphic organizer to help you remember
each system
Market
Command
Mixed
Traditional
21
Or maybe this
Traditional Command Market Mixed

22
Classwork/Homework
  • In a formal paragraph, tell me which economic
    system you believe is the best. Consider your
    needs and wants. All systems had their advantages
    and disadvantages which one do you support?
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