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Transcript of Mind Map
- has very little intervention between consumers and producers.
- Government has no factor to pricing Businesses - Privately operated
- Freedom to innovate products
- Opportunity to produce and sell for profit
- Most profits go towards the business
- Supply has a factor towards pricing Consumers - Consumer demand has a factor towards pricing
- More variety of products to choose from due to the competitive attribute of a market economy Government
- Economic factors such as pricing and production are controlled by the government
- Employers/Producers work for government Consumers
- Very little variety of products because of limited competition in market
- Demand has no
effect on price Centrally Planned
- Innovation and production restricted by government
- All profit goes to government Mixed Economy Government
- has some effect on price through taxes
- has some effect on production Business
- Property is independently operated
- Supply has factor to price
- Profit goes towards
the business other
than taxes Consumers
- A lot of options due to
highly competitive market
- Demand has a factor on
- Added tax to purchase
of product Political Systems Democracy
- form of government
that implements its citizens to have an equal impact on the outcome of the government
- Elections are usually held
for the citizen to vote for
laws and leader. Autocracy
- a system where
an individual or small
group has the primary
source of all political power.
- Decisions are solely based
on the leader
- Citizens have no
impact on laws. On November 6th, a U.S.A
presidential election was held for
the citizens to vote between
Barack Obama (Democrat) or Mit
Romney (Republican) on who the
president of U.S.A should be.
State elections based on legalizing
marijuana and same sex marriage
were also held. Freedom
- Freedom of right
- Freedom on believes and religion
- Free speech
- Freedom of the press
- Right to assembly Dictatorship
- One person rules the country and makes all the decisions
- Citizens must obey the law and comply with leaders decisions
- Example: Hitler's dictatorship over Germany.
- Citizens were forced to follow orders. Any one that felt sympathy for Jews were killed. Citizens
- Very little control or impact on the outcome of the government
-Government strives to control all aspect of citizens life. (education, television broadcast, etc.) Structure of country's systems Developing Developed Underdeveloped Countries with low level of economics.
- Agricultural dependent (ex. farms) A growth in industrial economy
- Growth of cities
- Economy slowly based on more manufacturing than
agriculture. Countries with a high level of economy.
- Technologically advance.
- Advanced health care and education
- Economy is rarely reliant on agriculture Example of underdeveloped country : Ethiopia
- no cars/roads
- rarely any infrastructure Example of developing country:
- Many stores and businesses
- More infrastructures
- Roads and cars
- Not as advanced as developed Example of developed country:
- A lot of tall buildings and skyscrapers
- Technologically advance
- A lot of businesses Economic System
connection with Political systems:
Centrally Planned Economic Systems are
usually linked to an Autocracy because of the
governments control over most factors in the
economical market. In an Autocracy, the government
also has control over all aspects of law and economics.
Mixed market and market economies are related to a democratic political system because of the independence given to businesses and citizens. Mixed and market economies have the capability to alter
price, supply, and
demand. Business have an impact on the economy,
the same way citizens have impact on the
- Increase in unemployment rate because of growth in
machinery and factories.
- Economic inequality because the successful
people become wealthy
while the less fortunate
-Innovation with technology and products.
-Thriving economy with a
- Variety of consumer goods
- Businesses given the
freedom to expand
-Everyone gets the same standards of living (education, health care).
-Wages are controlled by the government
-Businesses and consumers get no freedom of choice.
-Very little consumer variety.
- Lack of motivation because of no incentive.
- All profit goes to government
- Vulnerable to corruption
Consumers pay tax on purchases and businesses give portion of profit to
-A lot of competition in the market, giving the consumer a lot of variety in products.
-Growth in an economical presence because of larger growth in manufacturing.
- More jobs are being created
because a lot of people are moving into major cities rather
living in villages.
-increased standard of living