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ECONOMY INSTITUTIONS: NATURE, TYPES , FUNCTIONS AND DEVELOPM
Transcript of ECONOMY INSTITUTIONS: NATURE, TYPES , FUNCTIONS AND DEVELOPM
design by Dóri Sirály for Prezi
the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
WHAT IS ECONOMY?
TYPES OF ECONOMIC SYSTEM
EARLIEST HUMAN GROUPS > The hunting and gathering societies
People gathered plants and animals as they moved from one place to another
Afterwards, people discovered how to breed animals and cultivate plants
Human groups grew larger and learned new works aside from producing food
Trading centers consequently developed, which later turned into cities
ECONOMIC INEQUALITY GREW
1. A service sector so large that most people work on it ;
2. A vast surplus of goods;
3. Even more extensive trade among nations;
4. A wider variety and quantity of goods available to the average person;
5. An information explosion; and
6. A global that is the world nations are linked by fast communication, transportation and trade
- A way of organizing economy so that the things that are used to make and transport products (such as land, oil, factories, ships and etc.) are owned by the individual people and companies rather than by the government
- It is based on a set of political theories that espouses the collective ownership of the means of production and distribution of goods.
3. MIXED ECONOMIES
- In the 20th century , two fundamentally different types of economic systems competed for people’s allegiance:
a.) Market economy
- Is one in which decisions about what will be produced, how much will be produced and products will cost are made in economic transaction between consumers and producers.
b.) Command economy
- Is one on which the state or central planning authority determines the kind and quantity of items that will be produced.
PHILIPPINE ECONOMIC GROWTH
Three-and-a-half years of Japanese occupation and the battle for liberation in 1945 took a tremendous toll, especially on Manila, the most destroyed allied capital.
Two decades under President Marcos saw serious decline in economic growth and development due to years of economic mismanagement, political instability, martial law, corruption and cronyism. Macroeconomic stability was adversely affected, and a severe recession in 1984-1985 saw the slight shrinking of the economy.
Economic reforms including foreign exchange deregulation, foreign investment and banking liberalization and tariff reduction had significantly opened the Philippine economy, allowing foreign entry into the retail trade sector and even participation in the power industry. However economic growth and national development had been hampered by massive national debt, government corruption and political instability.