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Transcript of Economic Systems
Economic Systems and Scarcity.
Economic systems are solutions to basic scarcity problems. In economy, scarcity is the idea that the needs and wants of people are limited by land(materials), capital(money), and labor.
The Economic System
The position of any economic system on the continuum is dynamic, the position depends on the society's govt. and it's values.
Canada is a mixed economy because of its many Crown corporations. Crown corporations are companies that provide goods and services to Canadians, these companies are owned by Canada's government.
The Economic Continuum
A shift left means there's more government involvement, and a shift right means there's less government involvement. The shift left and right depends on the political party that is in power.
Reasons why crown corportions were created:
~So that essential services can be granted
~For the promotion of economic development
~To support the identity and culture of Canadians
How do market economies work?
An economic force that is important for both economic systems is the consumers individual choices. Mixed economies are driven a lot by the individual choices of consumers whereas market economies are driven completely by this force.
Supply and Demand
Supply is the goods and services that are provided by producers whereas demands are the needs and wants of consumers. Producers are people that create services and products and consumers are people that use these services and products.
What happens when the demand goes up?
Unknown Author. "The Economic Continuum" Photo.
resource.rockyview.ab.ca/t4t/ss302/images/m2/ss30_2_m2_062_opt.jpeg/ 2 November 2002
What happens when the price goes up?
What happens when supply goes up?
Competition is the conflict between producers to sell the most products to consumers. It is when producers try to get the most consumers to purchase their services and products.
Why do governments get involved in market economies?
Reasons why governments sometimes get involved into market economies is to ensure, inform and protect good services. If the government feels that consumers aren't being treated fairly then they may interrupt.
Unknown Author. "Air Canada" Photo.
19 July 2011
Trembath, Alex. "supply and demand" Photo.
9 August 2010
Yashi. "Producers and Consumers" Drawing.
18 November 2010
Unknown Author "It's not a competition" Photo.
21 May 2013
Unknown Author. "Economics" Photo.
15 September 2009
Z, Joyce. "Posters That Make Cents" Drawing.
28 June 2011