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    Economic Systems and Economic Tools

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    Zubair Khaliq
    This document describes and compares different types of world economies. It defines traditional, command, and market economies, and explains that mixed economies combine elements of other systems. Traditional economies rely on customs and old ways of farming, hunting, and gathering. Command economies give the government control over resources and decision making. Market economies allow individuals and businesses to make decisions based on supply and demand. Most countries today use mixed economies with public and private elements.

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    Economic Systems and Economic Tools

    Uploaded by

    Zubair Khaliq
    8 views11 pages
    This document describes and compares different types of world economies. It defines traditional, command, and market economies, and explains that mixed economies combine elements of other systems. Traditional economies rely on customs and old ways of farming, hunting, and gathering. Command economies give the government control over resources and decision making. Market economies allow individuals and businesses to make decisions based on supply and demand. Most countries today use mixed economies with public and private elements.

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    This document describes and compares different types of world economies. It defines traditional, command, and market economies, and explains that mixed economies combine elements of other systems. Traditional economies rely on customs and old ways of farming, hunting, and gathering. Command economies give the government control over resources and decision making. Market economies allow individuals and businesses to make decisions based on supply and demand. Most countries today use mixed economies with public and private elements.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    8 views11 pages

    Economic Systems and Economic Tools

    Uploaded by

    Zubair Khaliq
    This document describes and compares different types of world economies. It defines traditional, command, and market economies, and explains that mixed economies combine elements of other systems. Traditional economies rely on customs and old ways of farming, hunting, and gathering. Command economies give the government control over resources and decision making. Market economies allow individuals and businesses to make decisions based on supply and demand. Most countries today use mixed economies with public and private elements.

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    Different World Economies

    Social Studies/Economics

    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.

    Capitalism Traditional Economy Command Economy Market Economy Mixed Economy Free Enterprise
    3

    Terminology/Vocabulary

    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.
    4

    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

    Traditional Economies

    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
    6

    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
    7

    Command Economies
    The government sets the prices of goods and services
    Examples of command economies: Cuba, North Korea and the Peoples 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
    9

    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
    10

    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
    11

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