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michelle ashmore

on 7 September 2017

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Economic Systems Review!!
In which economic system do only individuals answer the three economic questions?
A)traditional economy
B)command economy
C)market economy
D)mixed economy
(formative assessment)
In a command economy, the means of production are owned by
B)family groups
C)religious leaders
D)the government
The way a country organizes economic activity
How do the 4 Economic systems operate based on answering the 3 basic economic questions of ...

What to Produce?

How to Produce?

For Whom to Produce?
4 Economic
how it was done in
the past
central authority/govt makes all decisions
determined by interactions b/w buyers and sellers
some characteristics of all 3,
but tend to lean towards one

private ownership -
based on historical property rights. follow customs
govt regulation -
councils settle disputes based on how it was decided in past.
economic systems
and the goals they adhere to.
government regulation -
govt or central planner makes all the decisions about production of goods and services
private ownership -
profit motive -
competition -
individuals and firms own all factors of production.
Entrepreneurs are incentivized to make business efficient b/c they can keep most-all of profits.
Firms can freely open/close business.
The more competition ---
lower prices, better quality, more efficient with resources
private ownership -
profit motive -
consumer sovereignty -
competition -
govt regulation -
consumer sovereignty -
Producers make only what consumers demand.
individuals, business, and govt can own factors of production. Govt can provide public goods.
can freely start businesses, but have to pay some of profits in taxes
producers make what consumers demand, but govt can provide subsidies to ensure public goods/needs are met
competition is encouraged, but govt may allow for some monopolies (only 1 producer of a product)
govt requires licensing to start business, must follow labor/safety/environmental laws.
ability of consumers to make own decisions
LOTS of freedom
LIMIT freedom
(redistribute $)
fairness w/in economy
govt provides
(insurance, jobs,
ensure competitive markets
protection from risk
each responsible for himself
redistribute $
access to public goods
increase production of goods and services over time
through efficiency & technology
target sectors for rapid growth b/c central planner organizes
grow slowly, but sustain it due to real demand/supply
full employment
using FoP wisely
efficient b/c of competition & free trade
less efficient b/c labor has no profit motive to increase productivity
increasing price levels to protect purchasing power of $ over time
fluctuates based on expansion or recession in economy. Can be drastic.
central authority regulates price levels and purchasing power
all those willing/able to work have opportunity to do so
try to ensure it, but leads to inefficient use of resources
based on how economy is doing. Good (expansion) = employment
Bad (recession) = unemployment
never 0% unemployment b/c ppl always looking for better.
maintain continued growth in the long run
dependent on goals
of the firms
dependent on goals of central planners
What goal is this cartoon depicting?
is the economy successful in this goal or not?
based on customs from past generations.
"same as always"
government/central authority makes all decisions.
"government makes decisions"
producers and consumers decide based on what consumers will buy and how much profit the producer will make. "consumers and producers decide"
producers and consumers decide based on what consumers will buy and how much profit the producer will earn. The gov't steps in to limit, tax, place rules, provide public goods "producers and consumers decide with some gov't help"
Principles each
system upholds:
Full transcript