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Economic Systems--Part 3-Capitalism Advantages & Disadvantages
Transcript of Economic Systems--Part 3-Capitalism Advantages & Disadvantages
Advantage of Capitalism
Individuals/Businesses always have to compete with one another, both with products and prices.
As a result, capitalist economies create wealth more quickly.
In capitalism, advancement is important because it is the consumer who makes the choices.
If a consumer wants cars with better gas mileage, what will he or she buy?
Disadvantage of Capitalism
While those that are successful will produce wealth, those that fail--or those who don't have access to capital--will be left behind.
This graph shows the rapid development of Android phones.
This graph shows the rapid development of 3D televisons
This graph show how much wealth the U.S. (a capitalist economy) has produced.
In 1960, the U.S produced about $400 billion of wealth
In 2004, the U.S. was producing about $12 Trillion of wealth
The consumer decides what products will fail and which will succeed.
In the 1970s there was a shortage of gasoline.
This shortage caused a rise in gas prices, and it also cause long lines at the gas station.
A 7 year-old Mr. Jones is in the back seat somewhere.
Now--See your teacher and ask for the exit ticket for Part 3--Advantages and Disadvantages of Capitalism.