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Economic Systems Mini Project

Econ project.

Cindy Garcia

on 18 January 2013

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Transcript of Economic Systems Mini Project

Economic Systems By Cindy Garcia What are the four types of economic systems? Market Economy Command Economy Traditional Economy Mixed Economy A market economy is a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand. A command economy is a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned. A traditional economy is an underdeveloped economy in which communities (mostly in rural regions) use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies often develop into market economies or command economies. A mixed economy is an economy in which there are elements of both public and private enterprise. What country has a market economy? Hong Kong. What are the pros of a market economy? Competition between companies and individuals leads to increased efficiency and innovation. Foreign investment is attracted because of the chance to make profit. Main exports: Main imports: Electrical machinery/appliances
Textiles and apparel
Toys and plastic Raw materials
Consumer goods
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.
Income/social equality.
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
Chemicals Vehicles
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.
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