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Economic Systems

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Ryan MacRae

on 11 March 2013

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Transcript of Economic Systems

Economic Systems Think Back 2 Classes Scarcity The idea that land (materials), labour and capital ($money$) limit the supply of what people want and need Unlimited wants/needs + Limited Resources = Scarcity How do we solve the basic problem of scarcity? Activity Imagine that you are a fish What are the pros/cons of Living In An Aquarium Living In An Ocean Canadian Society In our society how do we determine who gets how much? Money Resources How should we distribute resources and wealth in our society? How Do We Solve The Problem of Scarcity? Economic Systems Definition: the way a society organizes the production, distribution & consumption of goods & services What is the key factor in organizing the wealth of a society? or...what is the main component that distinguishes economic systems? What do you think of the government? How much should the government be involved in your life? Government Involvement Economic Systems The Economic Continuum Mixed Economy More Gov Involvement Less Gov Involvement Planned Economy Market Economy Mixed Economy Private Ownership + Government Control Market Economy Private Ownership Planned Economy Full Government Control Where can we see the effects of different levels of intervention? Review Economic Systems In Sports Baseball vs. Football Economics in Sports Sports Economic Continuum Far Right Middle How do they distribute wealth (players)? Privately Owned -In economics, the part of the economy owned and controlled by businesses and individuals -What parts of the economy do we control in Alberta or Canada? -What should you have control over? Publicly Owned -In economics, the part of the economy owned and controlled by government and paid for by taxes -What parts of the Alberta or Canadian economy are controlled by the government? -What parts should the gov control? Some resources publicly owned, others owned by government
Individuals and government both make decisions about production
Individual consumers and government influence economic decision making American Dream Resources are privately owned
Individuals make decisions on how to use resources
Individual consumers drive economic decision making by choosing what to buy Resources are publicly owned
Government makes decisions on how to use resources
Individual consumers have little influence on economic decision making Issue: Health Care Public versus Private Who should control it? Public Private Pros Cons Pros Cons Australian Health Care What do you think of this system? Sicko Intro What If the Issue Was Fire Fighting Services What is it now? What if it was part of the private sector? Pros Cons
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