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Economic Systems Mini Project
Transcript of Economic Systems Mini Project
Textiles and apparel
Toys and plastic Raw materials
Fuel (then re-exported) Consumer goods become widely available for those who the money to buy them. What are the cons of a market economy? Money is invested in areas which produce most profit, instead of what consumers need the most (public health, education, etc). Workers are exploited because of the profit employers seek. Social inequality and corruption increases due to workers being exploited (with low wages, poverty) by employers (seeking profit, wealthy). What country has a command economy? North Korea. Main exports: Main imports: Minerals
Agricultural/fishery products Petroleum
Grain What are the pros of a command economy? A sense of community within the economy.
A potential towards more efficiency. What are the cons of a command economy? Companies will not succeed in the world market.
Little competition or innovation.
Lack of freedom or personal gain. What country has a traditional economy? Mali Main imports: Main exports: Precious stones
Live animals Mineral fuels, oils, etc.
Boilers, machinery, etc.
Vehicles What are the pros of a traditional economy? Slow to change because social roles are very defined.
New ideas/techniques are discouraged.
Little personal freedom. Everyone has a role in it.
Only products and services that will be consumed are produced.
Self-sufficient. What are the cons of a traditional economy? What country has a mixed economy? Germany Main imports: Main exports: Machinery
Foodstuffs What are the pros of a mixed economy? What are the cons of a mixed economy? Government helps stabilize resources.
Laws protect businesses and individuals from fraud.
Consumers can influence markets. Limited growth for companies.
Taxes support the economy.
Entrepreneurs are restrained. Who decides what to produce? The people. Who decides how to produce goods/services? Who are the goods/services made for? Who decides what to produce? Who decides how to produce goods/services? Who are the goods/services made for? Who decides what to produce? Who decides how to produce goods/services? Who are the goods/services made for? Who decides what to produce? Who decides how to produce goods/services? Who are the goods/services made for? The government. Whoever the government wants. Businesses. Consumers. Businesses. Businesses, but the government regulates some industries. Consumers.