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9/14 Economic Systems

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Updated 8 days ago

1. Slide
60 seconds
2. Slide
60 seconds
Economic Systems
3. Slide
60 seconds
What is an Economic System?
a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region
4. Slide
60 seconds
Economic Systems Explained
Traditional: based on customs and beliefs passed down from generation to generation. Command: government owns and controls most of the resources and production. Market: individuals and businesses own and control most of the resources and production. Mixed: involves characteristics of all three main economic systems
5. Slide
60 seconds
Understanding a Traditional Economic System
A traditional economic system is a society's method of producing and distributing goods and services. It is based on customs, beliefs and traditions, and is generally passed down through generations. The decisions about what to produce, how to produce it, and how to distribute it are based on customs.
6. Slide
60 seconds
Did you know?
Traditional economic systems are based on the principle of 'subsistence living', meaning that people only produce and consume what is necessary to survive. The concept of 'scarcity' is an integral part of traditional economic systems, meaning that resources are limited and must be shared among members of the society. In some traditional economic systems, the bartering of goods and services is a common method of exchange and payment.
7. Slide
60 seconds
Understanding a Command Economic System
A command economic system is a type of economy in which decisions about production and distribution are made by a central government. This type of system is characterized by public ownership of the means of production and central planning In a command economic system, the government controls the prices, wages, and the flow of goods and services.
8. Slide
60 seconds
understanding command economics
Command economy: an economic system in which a central authority, typically a government, owns and controls the production and distribution of goods and services.
Central Planning: the process in which a central authority makes all of the major economic decisions in a command economy, including what is produced, how it is produced, and who gets to consume it.
Price Controls: the process of setting prices for goods and services in a command economy by a central authority.
9. Slide
60 seconds
Understanding a Market Economic System
A market economy is a system where the production, allocation and pricing of goods and services is determined by the market forces of supply and demand. The market economy is based on incentives, which encourages both buyers and sellers to produce and purchase goods and services. In a market economy, prices are determined by the interaction of supply and demand, and the free market sets the prices of goods and services.
10. Slide
60 seconds
Did you know?
The market economy is the only economic system in which prices are determined by voluntary exchanges between buyers and sellers. The market economy system is based on the principles of supply and demand, which determine the prices of goods and services. The market economy is a self-regulating system of resources and demand, meaning that it is able to correct itself and adjust to changing economic conditions without any intervention from government.
11. Poll
60 seconds
What do you think are the most important benefits of a market economic system?
  • Freedom of choice for consumers to buy the goods and services they prefer
  • Competition among businesses that helps keep prices down
  • Incentives to produce goods and services that people want
  • Provides an efficient way of allocating resources to their most valued uses
12. Poll
60 seconds
Do you think a command economic system is an effective way to structure a society?
  • Yes, it is the most effective way.
  • No, it is not the most effective way.
  • I'm not sure.
13. Open question
300 seconds
What are the pros and cons of a command economic system?
14. Open question
300 seconds
Which economic system do you think works best in today's world?
15. Slide
60 seconds
Group Activity
With your Group create a poster about the economic system assigned to you Is progresses and innovation encouraged in your system? How are Jobs Chosen in your system? How is it decided what to produce? Who gets the produced goods? What are the values of the system?
16. Slide
60 seconds
Wrap Up
Finish Your reflections on marketing presentation Special Visitor Tomorrow Mikhayla Send Opening video for tomorrow

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