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Civics and Economics Chapter 8 Lesson 2
Transcript of Civics and Economics Chapter 8 Lesson 2
Economic Concepts and Terms
design by Dóri Sirály for Prezi
- Communities in small or remote (far away) regions of the world still use a traditional economy
Economic Questions and Systems
Standards and Objectives
CE. 11b- The student will demonstrate knowledge of how economic decisions are made in the marketplace by comparing the differences among traditional, free market, command, and mixed economies.
Ticket out of the Door
1. Identify at least two characteristics of traditional, free market, command, and mixed economies
2. Explain the three basic economic questions all societies must answer
3. Explain how each type of economy answers the three basic economic questions
1. What are the three basic economic questions all societies must answer?
2. Give one characteristic of a traditional, free-market, command, and mixed economy
3. How is a mixed economy different from a free-market economy?
A country's economic system determines how it will answer the three basic questions
1. What will be produced?
2. Who will produce it?
3. For whom will it be produced?
- Basic economic decisions are made by customs and traditions in communities
(people do the same work as their parents and grandparents, regardless of ability or potential)
- Methods of producing goods and services are passed down from generation to generation
- Customs determines how goods and services are distributed among society
- The choices made by private individuals, not the government, answer the basic economic questions
- Private business owners make decisions about what to produce and how to produce it, and may keep profits
- Consumer's buying decisions
tell business owners what goods and services should
A central agency, usually the government, owns
and controls the factors of production
*Government has little or no involvement*
decide what to produce and how to use the nation's resources to produce it
- There is not a variety of goods produced
- Includes elements of a free-market
economy and command economy
- A combination of private ownership and individual choices with government involvement
Private sector: Individuals and business owners make economic decisions in this sector
Public sector: In this sector the government owns resources and makes economic decisions
*Government also regulates some economic activities in the private sector*