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Economic Systems Multimedia Proejct

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Berenize Ramirez-Sanchez

on 9 March 2013

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Transcript of Economic Systems Multimedia Proejct

Economic Systems Multimedia Project By: Monica and Berenize Traditional Economies Free Market Centrally Planned Mixed Economy Compare & Contrast traditional Economy and free market Similarities Between a Cenrally Planned Economy and a Mixed Economy Compare and Contrast All Economic Systems Youtube Video Free Market critique Compare and Contrast A Traditional Economy and A Mixed Economy Compare & Contrast Centrally Planned Economy and A Free Market Critique on a Centrally Planned Economy Critique on a Mixed Economy Avatar for Traditional Economy Similarities: Differences: In a centrally planned economy the government makes all the decisions on production of goods and services.
In a centrally planned economy every individual has a job and a home.
The free market economy focuses on the value of a product to determine how much to make of that product.
In a centrally planned economy there is a resticted amount of supplies, while a free market is more suited to adapt to a demand on a product.
Traditional economies produce just enough meet the demand. Both producers and sellers spend as much as they want for their own self interest.
The people are forced to take what they have and do what they can with it. Definition: A Traditonal economy is an economy that uses hunting methods in there small communities, in which harvests little economic growth. http://www.voki.com/pickup.php?partnerID=symbaloo&scid=7689374&height=267&width=200 Definition: In a free market the economy is based more along the lines of supply and demand. An economy such as this one is free of governmental influence. I agree with the free market economy because it allows the people to make their own decisions. Also it doesnt allow the goevernment to interfer. Advantages: Disadvantages Advantages: Disadvantages: An Advantage would be that Every member has a job.
They are all close an support one another
Their food is never waisted or thrown away. A centrally planned economy is organized and managed through the government. Any goods and services are made through the government. This idea of government making all the decisions is usually in a socialist or communist type of government. Advantages: • One advantage is that everyone is given a job and home.
• Another is that education is free from kindergarten to college.
• They have universal medical care. Disadvantages: • They have poor quality goods
• Sometimes there are shortages on specific products
• The production of goods and services is declining. Connections to a Centrally Planned Economy 1. Cuba uses a centrally planned economy because their government controls everything.
2. China is a communist country which is like a centrally planned economy because government handles all regulations.
3. The Soviet Union was once a centrally planned economy because the government took control of everything.
4. A personal experience is my education from kindergarten to twelfth grade is free.
5. Another personal experience is that I have a home to live in and I have the right to work. A mixed economy is a system that has some ideas of a traditional economy and ideas of a free market. A mixed economy also has some limited government intervention. The products made are under private ownership and the main goal is to make profit. Advantages: Disadvantages: • Firstly, the people can make their own decisions
• Government isn’t as involved giving the people freedom
• The decisions are based on the people and their ideas on how to make or sell their products •Firstly, the business owners can’t decide where their tax money goes to
•The business owners must find and make their own markets
•Sometimes the businesses aren’t profitable due to restrictions. Connections to a Mixed Economy 1. The United States uses a mixed economy because the people can make their own businesses.
2. Canada uses a mixed economy system because they use both private and government policies.
3. The UK also has a type of mixed economy where it’s based on the demand for goods and products.
4. A personal connection could be that if in the future I were to have an idea and I wanted to make it a product, I could do that without government intervention.
5. Another connection is that we can make any decisions we want based on our ideas. Similarities: •They make more trade offs
•The main goals are land, labor and capital
•They have government involvement
•They use price mechanisms to solve the problems Differences: •A centrally planned economy means that government controls all goods and products.
•A mixed economy means that the people make their own markets.
•Mixed economy doesn’t have universal Medicare.
•In a centrally planned economy, everyone has a job and home. I personally don't agree with a centrally planned economy because I believe that the people should have a say in what is sold and that they should have the opportunity to put their own ideas to work. I also don't like the fact that the products the government sells aren't of good quality. I like the fact that in this type of economic system the people have the choice to make their own businesses. I also like that there is some government intervention to keep things in order and not have chaos in between corporations. Similarites: All of the systems involve some government intervention.
Not all services are helpful or profitable as planned.
All economic systems have a way of liveing an get by on that.
All systems give the people something to live by, and have regulatinos on. Differences: One involves more government intervention than the others.
They all aproach the people in diffrent tactics.
Not all governments are helping the poor, they may be making it worse. Similarities: Differences: A traditional economy is more on goods and services that have been a tradition throughout the family or community.
A traditional economy isn't as productive as a mixed economy due to having to make the products and the amount of people helping to make the product.
A traditional lives on day by day products produced and sold. They are both based on demand of a product or service, so what ever is what is most needed, that is what is made or provided.
They both have a sense of ownership, meaning they make the things they sell.
They all have a sense of family and tradition with the things they do and make.
They also have a close and structured atmosphere.
Problem and Solution A problem with a centrally planned econony is that the goods that are provided are of poor quality and a solution would be to spend more money on the products so no harm is done to the people and so that there aren't as many shortages. Problem and Solution A probem with this economic system is that sometimes there are too many regulations that it's harmful to the businesses. A solution would be to come to an agreement on what regulations are reasonable and which regulations are harmful to the peoples businesses. Problem & solution Problem & solution They do not produce a good about of money.
They have no type of technology, or connection with todays society.
They have low standards of living. Connections to traditional economies 1.Bangladesh is traditional because they travel over seas an sell things to the Middle-East.
2.Pakistan sells things an trades there for making them traditional.
3. SriLanka gets by there for they sell.
4.South America makes things to sell
5.Asia trades off diffrent things created and trades to make it. A Problem with the traditonal economy is the fact that they have a low standard of living. In this economy a solution would be to have a higher standard and to push to achive a higher life style. Their prices are based apon what targets the people.
The people get to make their own decisions.
The demand on products creates more jobs for the people. The prices can be high, because they are based on what the people earn.
The poor is deprived of their merit goods.
Public goods are not provied since they dont make money with it. A problem with the Free market economy is that they have no government control. Also they do not provide public goods. A solution to these issues would be to make the government have little control. 1.The United States has a free market economy because we have the right to our own buissneses.
2.United Kingdom sells things and makes there own profit.
3.Germany has bussneses an sell things for a profit.
4.France is able to price there product as they please.
5.Hong Kong is able to sell where they would like Contries with a Free Market Economy Traditional Economy is an economy that is based on customs and traditions.
Market Economy an economy in which consumers help detemine what is to be produced by buying or not buying certain goods.
Free market has a higher standard of living.
The traditional economy lives day by day and has no change. Similarities: Diffrences: Karl Marx He was a theorist who thought that the economic system of communism would replace capitalism. He also belived that private owned things would create greed. Adam Smith Adam Smith Write the book Wealth of Nations. He also came up with the invisible Hand Theoriy They both have there way of liveing an supporting their life styles.
There is no government involvment.
They both sell and make their own profits from what they have.
They both create there own things an have something they run.
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