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    Different World Economies: Social Studies/Economics

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    Sunil Singh
    The document discusses four types of world economies: traditional economies based on customs; command economies where the government controls resources and decision making; market economies where individuals own resources and compete for profits; and mixed economies that combine government regulation with private ownership. Key figures discussed are Adam Smith, who developed theories of capitalism, and Karl Marx, co-author of The Communist Manifesto. Students will learn to describe, compare, and contrast these economic systems and how mixed economies blend multiple approaches.

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    Different World Economies: Social Studies/Economics

    Uploaded by

    Sunil Singh
    48 views15 pages
    The document discusses four types of world economies: traditional economies based on customs; command economies where the government controls resources and decision making; market economies where individuals own resources and compete for profits; and mixed economies that combine government regulation with private ownership. Key figures discussed are Adam Smith, who developed theories of capitalism, and Karl Marx, co-author of The Communist Manifesto. Students will learn to describe, compare, and contrast these economic systems and how mixed economies blend multiple approaches.

    Original Title

    Economy Types

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    The document discusses four types of world economies: traditional economies based on customs; command economies where the government controls resources and decision making; market economies where individuals own resources and compete for profits; and mixed economies that combine government regulation with private ownership. Key figures discussed are Adam Smith, who developed theories of capitalism, and Karl Marx, co-author of The Communist Manifesto. Students will learn to describe, compare, and contrast these economic systems and how mixed economies blend multiple approaches.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    48 views15 pages

    Different World Economies: Social Studies/Economics

    Uploaded by

    Sunil Singh
    The document discusses four types of world economies: traditional economies based on customs; command economies where the government controls resources and decision making; market economies where individuals own resources and compete for profits; and mixed economies that combine government regulation with private ownership. Key figures discussed are Adam Smith, who developed theories of capitalism, and Karl Marx, co-author of The Communist Manifesto. Students will learn to describe, compare, and contrast these economic systems and how mixed economies blend multiple approaches.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 15

    Different World Economies

    Social Studies/Economics
    Descriptive Overview:
    In this lesson, students will
    be exposed to four types of
    world economies. They will
    also learn the historical
    background that led to the
    formation of those economies,
    specifically command and
    mixed economies.
    Lesson Objectives/Goals
     Describe and compare the
    economic systems predominate in
    the world today.

     Compare and contrast traditional,


    command and market economies.

     Explain how mixed economies are


    a combination of other economic
    systems.
    Terminology/Vocabulary
     Capitalism
     Traditional Economy

     Command Economy

     Market Economy

     Mixed Economy

     Free Enterprise
    Adam Smith
    Adam Smith
    (1723-1790) is
    considered the
    father of
    modern
    economic theory
    Karl Marx

    Karl Marx
    (1818-1883)
    Co-author
    The Communist
    Manifesto
    Traditional Economies
     Traditional economies are found in
    rural, non-developed countries
     Some parts of Asia, Africa, South
    America and the Middle East have
    traditional economies
     Customs govern the economic
    decisions that are made
     Technology is not used in traditional
    economies.
    Traditional Economies
     Farming, hunting and gathering
    are done the same way as the
    generation before
     Economic activities are usually
    centered toward the family or
    ethnic unit
     Men and Women are given
    different economic roles and tasks
    Command Economies
     The government or other central
    authority makes decisions and
    determines how resources will be
    used
     Change can occur relatively easily
     There is little individual freedom
     There is no competition
     Businesses are not run to create a
    profit
    Command Economies
     Consumers have few chooses in the
    market place
     Factories are concerned with quotas
     Shortages are common because of poorly
    run factories and farms
     The government dictates the job in which
    you work
    Command Economies
     The government sets the prices of goods
    and services

     Examples of command economies: Cuba,


    North Korea and the People’s Republic of
    China
    Market Economies
     Resources are owned and controlled by
    individuals
     Economic decisions are made by
    individuals competing to earn profits
     Individual freedom is considered very
    important
     Economic decisions are made by the basic
    principals of supply and demand
     Profit is the motive for increasing work
    rather than quotas
    Market Economies
     Also called capitalist economies

     There are many economic freedoms

     There is competition among businesses

     Competition determines price which


    increase the quality of the product
    Mixed Economies
     Government and individuals share the
    decision making process
     Government guides and regulates
    production of goods and services offered
     Individuals own means of production
     Protects consumers and workers from
    unfair policies
     Most effective economy for providing
    goods and services
    Review
    Four Types of Economics
     Traditional Economies
     Command Economies
     Market Economies
     Mixed Economies

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