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Social Studies Mindmap
Transcript of Social Studies Mindmap
world WHAT IS A MIXED ECONOMY? Mixed Economy WHAT IS A MARKET ECONOMY? Market Economy WHAT IS A PLANNED ECONOMY? Planned Economy How do they respond to issues such as: Cultural Identity: The cultural identity in a planned economy may be strict and important in the economy. Some governments are strict when it comes to their cultures in the country because they don't want foreign cultures to affect their people too much.
Job Creation and Protection: The number of jobs for people in the planned economy may be limited but it may also be abundant because the government is in control of all that is produced in a country.
Workers' Rights: Workers might treated fairly by their government and other may not. But if the company is owned by the government then there are clear rights fo the individual working in the company. How are decisions made for: Scarcity: In a planned economy, if there is scarcity in a product, it may be harder to find new resources because the government owns everything, the best thing to do is to borrow resources from other countries.
Supply and Demand: Planned economies, may not have that much supply ad demand because people should know that everything is managed by the government.
Competition: Since everything is owned and managed by the government in a planned economy, there is no competition on which company sells the most. How do they respond to issues such as: Cultural Identity: In a mixed economy, the cultural identity may be influenced by other countries, making some mixed economy's cultural identity unique.
Job Creation and Protection: Jobs may be plenty in a mixed economy because there are both privately and publicly owned businesses. But the work conditions may sometimes be uncomfortable for workers.
Workers' Rights: In a mixed economy, workers' rights are important because it helps protect the individual if they think their job is unfair. How are decisions made for : Scarcity: If a product is scarce, companies might find new resources from other companies and it may be expensive to use them.
Supply and Demand: For mixed economies some products maybe demanded greatly. The companies whose products are greatly demanded should look for a way to supply more by themselves because they are a private business. It is harder to deal with supply and demand in market economies.
Competition: There is a lot of competition between private companies in a market economy because there are a lot of private businesses. How do they respond to issues such as: Cultural Identity: In a market economy, the cultural identity may be influenced by other cultures. In this economy, people may not mind about their cultural identity because the products the consumers buy determine part of their cultural identity.
Job Creation and Protection: In a market economy, everything may be privately owned, so there might be plenty job opportunities for people. The protection of workers is important because companies do not want workers to start rebelling. But still some companies don't consider the working conditions of workers.
Workers' Rights: It is important that workers know their rights, workers can protect themselves and maybe their jobs with their rights. How are decisions made for: Scarcity: In a mixed economy, scarcity may be common because people have a variety of products to choose from and some products are demanded more than others. In a mixed economy, resources may be owned by different private companies which makes it expensive to borrow /buy resources from other companies.
Supply and Demand: There may be frequently have products that are constantly demanded in a mixed economy because there are different kinds of products from other companies that consumers like.
Competition: It is clear that is always competition in a mixed economy because there are some companies that make similar products and they strive to sell more than the other company. How does it affect: How does it affect The Quality of Life: In the planned economy, everything is controlled by the government, because of this, the people in the country do not have a variety of different products to choose from.
People are also limited and may be similar to each other in their choice of companies. The Quality of Life: In the mixed economy, the quality of life might be better compared to the planned and market economies. In mixed economies, there varieties of products to choose from which benefits the consumers to choose what they like. The quality of life in a mixed economy can be influenced greatly by the foreign world because businesses from other countries can sell their products in the country. How does it affect: The Quality of Life: In the market economy, the quality of life may be more influenced by other cultures and products. People can choose from a variety of different companies and they are not restricted to one specific business unlike the planned economy. In a planned economy: When the government has full power over a country's economy, the government decides what to produce, who to produce for, and how much to produce.
Everything is owned and managed by the government.
Producers cannot set the price for what they produce.
There is no power for both the consumers and producers.
Individual consumers have little influence on economic decision making
Resources are publicly owned In a Mixed Economy: It is an economy where decisions are made both the consumers and the government.
Resources are combined private ownership and government control.
The choices of consumers are key to the mixed economy.
Individuals and government make decions about what to produce.
Individual consumers and the government influence economic decision making. In a Market Economy: In the economy, the individuals have great importance.
Private businesses own and manage resources.
The government does not get involved in this economy.
It is key that individuals make the decisions on how to use resources.
Consumers drive the economic decision making by choosing what to buy.