UNIT ONE: Toward Independence

Lesson 46

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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