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Compare and Contrast Four Economic Systems

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by

arelis ruiz

on 14 March 2013

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Transcript of Compare and Contrast Four Economic Systems

Mixed Economy Traditional Economies Centrally Planned Advantages:
Revolves around the family
Tend to stay relatively small & close
Support entire groups
Know what to produce,how to produce it,and to whom to distribute it.
Produce their own goods
Get the first pick of the resources.
Based on tradition, customs, and religious beliefs
Low standard of living Disadvantages:
Does not allow for much economic growth
Don't believe in technology
Not recommended for larger countries
Have a slow standard of living.
May not have access to goods you see everyday at the grocery store.
Lack modern conveniences. Countries found:
South America
Asia
Africa
India
Vietnam
Mexico Compare and Contrast Economic Systems

I can compare and contrast the 4 economic systems that exist in the world and distinguish how each economic system influences capital.

I can evaluate and critique how the 4 economic systems affect the world politically and economically. Free Market Advantages:
Everyone has a home and job.
Education is free from K to college
Universal medical care
Equity
No one is superior than others.
Supplies do not go to waste due to shortages
Government decides what, where and how much of a good is produced and how much it will cost
The government makes all the decisions about the use of the resources of a country. Similarities Similarities Similarities Similarities Similarities Similarities Advantages:
Exchange money and products.
Private ownership of resources
Self-interest
Buy or reject products.
Own factors of production (land, labor, and capital)
Prices are based on what target population they afford.
The government decides how many of which goods are produced
Freedom to choose Disadvantages:
Government intervenes
Prevents extra savings to afford luxury items.
Competition
No motivation to excel at work.
Economic instability Know what to produce
Trade
Competition
Decisions are made by individuals
Produce their own goods
To whom to distribute it Countries:
Singapore
Hong Kong
United States
Canada
United Kingdom Countries:
Iran
North Korea
Cuba
China
Russia Disadvantages
Poor-quality goods
Diminishing production
Shortages
NO freedom of choice for producers or consumers
Government set prices on goods and sets wages
Lack of incentives for workers result in low morale efficiency Advantages:
Provides fair competition
Market prices are well regulated
Optimum utilization of national resources
People are given more power Disadvantages:
It's efficiency property reduces in progressively higher degree.
Mixed economy systems tend to encourage more state monopolies.
the amount of freedom business owner have to create a product.
The government has control of resource allocation in a mixed economy.
It is the bad for the business owners because they may not get enough resources to create an adequate product or profit.
Business owners cannot determine where their taxes money goes. Examples:
Considered essential services like healthcare, water and waste management
Competition Policy Countries:
United States
Great Britain
Russia
Australia
Canada Adam Smith influence "Free Market" A problem in this economic system would be there is no guarantee of full employment. My solution is if there's no full employment there's no jobs. The government knows what to produce,how to produce it,and to whom to distribute it.
Factors of Productions: Land, Labor and capital
consumers
goods
services
prices
incomes
money Examples:
Farming or hunting
Native Americans relied on hunting and fishing were more healthy than those that relied on farming and therefore massed in large, disease-prone communities. Competition and innovation
Government is involved
Purchase goods and services Produce goods to sell to customers The government makes the major economic decisions http://www.voki.com/pickup.php?scid=7635873&height=267&width=200 By: Arelis Ruiz
Junior Uriostegui What we learn is about the four economic systems and how it affects the United States and the world.
The most challenging part of this was doing a voki.
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