Make your own free website on Tripod.com

UNIT ONE: Toward Independence

Lesson 46

Home
Interactive Notebook Gradesheet
Table of Contents
Flashcards
Lesson 1
Lesson 2
Lesson 3
Lesson 4
Lesson 5
Lesson 6
Lesson 7
Lesson 8
Lesson 9
Lesson 10
Lesson 11
Lesson 12
Lesson 13
Lesson 14
Lesson 15
Lesson 16
Lesson 17
Lesson 18
Lesson 19
Lesson 20
Lesson 21
Lesson 22
Lesson 23
Lesson 24
Lesson 25
Lesson 26
Lesson 27
Lesson 28
Lesson 29
Lesson 30
Lesson 31
Lesson 32
Lesson 33
Lesson 34
Lesson 35
Lesson 36
Lesson 37
Lesson 38
Lesson 39
Lesson 40
Lesson 41
Lesson 42
Lesson 43
Lesson 44
Lesson 45
Lesson 46
Lesson 47
Lesson 48
Lesson 49
Lesson 50
Lesson 51
Lesson 52

ECON 102: DIFFERENT TYPES OF ECONOMIES

LEFT SIDE
PAGE 98

1
WARM UP!

When decisions about...
What will be produced?
How will it be produced it?
Who will get what is produced?

 
 
 
 
 
3
SLOPPY NOTES on reading:
Economics - A Closer Look at the Different Types

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
WRAP UP:

If the purpose of a government is to maintain order, and the purpose of an economy is to provide for the society's needs and desires . . .

Write a journal entry identifying and explaing which system is the BEST.

RIGHT SIDE
PAGE 99

 
 
 
 
 
 
 
 
 
2
OBJECTIVE:
  • Identify and describe the three major types of the economies.

 
 
 
 
 
 
 
 
 
 
 
4
NOTES:
DIFFERENT TYPES OF ECONOMIES
  • Traditional Economy
    • Key Characteristics
      • Economic decisions influenced by the customs, traditions, and habits of the group
    • Common among tribal peoples
  • Command Economy
    • Key Characteristics
      • Decisions made by the Central government
      • Consumers and businesses have little control
      • Two major types of command economies
        • communism
        • socialism
    • Communism
      • Central government owns ALL property
      • Why?  For the benfit of the people
      • Controls all aspects of the citizens' lives
      • Few exist today - Cuba, China, North Korea
    • Socialism
      • Government owns most basic industries
      • Why?  For the good of the society and not for profit
      • Uses any profit for social services (like health and education)
      • Other industries and services follow the capitalist model
        • They are privately owned and consumers decide which products to buy
  • Market Economy
    • Key Characteristics
      • Most businesses are privately owned
      • Profit is the motivation
      • Consumers drive the economy
      • Also involves "capitalism" and "free enterprise"
        • "Capitalism" involves the private ownership of resources, BOTH basic and non-basic businesses and industries, and the use of prices
        • "Free Enterprise" is a feature of a market economy in which individuals can start and run their own businesses
    • Mixed Economy
      • A "mixed economy" is a mixture of command and market types
      • Almost all economies are "mixed" economies

Add the Following Items to Your Glossary (108-117)
 
Producers
Goods
Services
Traditional Economy
Command Economy
Socialism
Communism
Market Economy
Capitalism
Free Enterprise