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Chapter 7 Economic Systems
Transcript of Chapter 7 Economic Systems
All the nature resources (Minerals, water, land, etc.) Capital - Money Labour
Human energy, efforts, talents, etc. Who decides? Decisions can be made by.... Government that is in power, Industries and businesses in the country, Institutions that are important, And Individual participants in the economic system. We have different societies, but each of our societies must answer the same four questions What resources are avalible? What goods and services will be produced? How will they be produced? Who will get how much of each? The economic system in every country are based on three conditions Tradition - the way things have been done in the past Ideology - Beliefs about the proper way to do things Pragmatism - Practical solutions that will work Its all about Decisions.We need to make careful choices about what to buy. Before buying, ask yourself some questions Do we really need another laptop? How much money do you have left? Where should we spend my allowance? Types of Economic Systems Traditional - Decisions made based on what has been done on the past Command - Decisions made by a central authority Chapter 7 The end!!!! Market - Individual businesses and companies Chapter Chapter 7 The End!!! The ways in which decisions about these matters are made vary from one household to the next. The same is true for societies =