stream <> endobj The customs and beliefs of a community are considered in developing goods and services in the area. x�3R��2�35W(�*T0P�R0T(�Y@��� /Resources 45 0 R /Filter /FlateDecode /Length 1984 >> �\ |�" Most countries in the world can be identified with one of these systems. �z@� �0&�2�Գ��ɹ Economic System An organized way in which a state or nation allocates its resources and apportions goods and services in the national community Remember – economics involves making decisions about resources! x�3R��2�35W(�*T0P�R0T(�Y@��� <> 4.2.1 On the Basis of Ownership and Control over Means of Socialism is that part of economic systems which the means of production are owned … �\ }( In this economic system, State is to take care of only internal and external security of the count… ��TBBBBBBBBBBBBBB¼߿���.�B��U麹�y���f��˻���
�����?>�֮�߿�>�|��]m����������zW�����������U���������GUGR�L&:{����E|���Ľ�|�rz���}�V���MW닺Z76}PNP �������.U9�(|�Z7n��VA����6r�r�u]n?sVY�?��W_�պq�rvB�U��*̢���^�&��JN]Not�S�ީ����'��ϟ?��j� 20 0 obj Example: Many types of soda There is _____choice. of four types of economic systems: traditional, command, market and mixed. stream The mechanism has to solve such problems as the use of resources, the optimum production of desirable goods and services, and the distribution of income. <> � • Governmental decision-makers and planners perform the functions of a market • Some empires in the distant past had command economies. <> �z@� �0& x���aV�PyII�HG3�d&I��]�z� �n��S��?X�M�"�}����������['�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&�&��i�4�f�i��;�#/:��O��ݶ�g#������v�JaBaBaBaBaBa�E�s�/8�F���?V����c���\Ы�TBBBBBB�E��C��w��-���|Zz>�����O*!� !� !� !� !� !� !���=����_-�B�B�B�B�B�B��Kt��j�J�]г�h�Z�� !� !� !� !� !��Ң� z��>�)��e]���&�&�&�&�&�hQĭ���̀FsRe��s�E��B�B�B�B�BX��Y�}�F��ʱ�I��,��F��i�I�K_���>{�ؘo�Z��>�TW*!� !� !� !� !� !��>��E����ng��O������p�岁?��}�4�2�=�}w�s���L�BaBaBaBaBa�̶�h��3ߘ��_y��Gu^*!� !� !� !� !� !��Ңh1Z�1��o$��}��s|2��JaBaBaBaBaBa9��E�w>���'-z=��dǦ�?�S !L!L!L!L!L!l�5��_����-�oj4�$ޢhэ��*!� !� !� !� !� !��ҢX$>yQ��Q+��\�\M�TBBBBBB{=-��(���/�}AZ��}l���FY��j5Z�e�����ی=_ �1n*!� !� !� !� !� !��mQ�stl-`Q3`�F�ݻ-O��.��:/��FE0f�d��ϲ��z�k1ӁJaBaBaBaBaBa��(��v�}���N�u;�E-���TC�Q !L!L!L!L!L!l�E�u����s��O������o�̡B�B�B�B�B�BX`-�EV�J�9�S��z����7�� .���G%�0!�0!�0!�0!�0!���\. Economic Systems An Economic System is the way a society organizes the production, distribution, and consumption of good and services. x�3R��2�35W(�*T0P�R0T(�Y@��� x�3R��2�35W(�*T0P�R0T(�Y@��� This system leads to great inequalities as the few rich get richer and the many poor All these are characterized by the ownership of the economics resources and the allocation of the same. endobj stream endstream x�3R��2�35W(�*T0P�R0T(�Y@��� stream stream � � � Let’s take a look at what these terms actually mean and what these different economies are composed of: Command Economy (Communist) (eg. endobj .� Students will learn the characteristics of the market and command systems and evaluate the benefits and consequences of each system Template task (include number, type, level): Task 2. �\ � S endobj � <> Traditional economic system continue People are rich or poor based on their social level. �!>F <> �z@� �0& 19 0 obj Include details and examples to support your response. endstream endobj endobj .� x��ڱ
�@A����~#��Lh�����7��������������������������������~9�gY�X�X�X�X�X��!��@�@�@�@�@���XV V V V V V V�� •How many basic types of economic systems are there? /Resources 30 0 R /Filter /FlateDecode /Length 67 >> � /Resources 30 0 R /Filter /FlateDecode /Length 68 >> .� stream endstream The GCEE states that mixed is not an economic system but rather a blending of two different types of systems. 9. � endobj endobj A market economy is completely opposite of command economy and it is similar to the free market economy. 38 0 obj �z@� �0&�2�Գ��ɹ 4 0 obj A sustainable economic system should be based on the utilization of the human instinct of self-interest, private property rights, and markets. <> <> endstream endstream all types of economic system. endstream Mixed. � �z@� �0& 9 0 obj x�3R��2�35W(�*T0P�R0T(�Y@��� � 36 0 obj endobj /Resources 30 0 R /Filter /FlateDecode /Length 67 >> Former Soviet Union, China 1949-1978) Market Economy All economic systems must confront and solve the three fundamental economic problems: What kinds and quantities of goods shall be produced. stream �����c����� k�� <> stream SS Argumentative/Analysis L1, 2. �z@� �0& �z@� �0& endstream 02. x�3R��2�35W(�*T0P�R0T(�Y@��� 39 0 obj x�5�K stream Basically, it is the process by which humans deal with scarcity (limited natural resources, time, money, water etc.). stream Market economic system Determined by Determined by Determined by 8. depending on how countries prioritize different economic goals. is an economic system in which the means of production are privately owned. �\ }* �!>� endobj endobj H��W�n�F��_Q��`�f7[xvm'���`���$Ƽ(�ث��|oNu�%+�`���aKmvW�9u��y�(��*]]WIW�eK��W��__Y�Z�2�%;����=*N����CE2�r�N�Oo��.�}��i`�QxAD6�`�Ӆ��C_��9BF�-]J Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies. Four Basic Types . x�3R��2�35W(�*T0P�R0T(�Y@��� 11 0 obj endobj >> �z@� �0&�2�Գ��ɹ It is built around the ways of society: that is, the livelihood of the people determines the products and services. 16 0 obj endstream 29 0 obj h�bbd```b``�"�A$���"���IN0�Vi
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�z@� �0& x�3R��2�35W(�*T0P�R0T(�Y@��� stream �z@� �0& stream x�3R��2�35W(�*T0P�R0T(�Y@��� .� <> For example, there is some private ownership in the Peoples’ Republic of China. <> �\ }) They are at liberty to use any technique of production and produce anything they like. 12 0 obj .� <> 8/24 Video, quiz on models and systems 8/25 Socialism and capitalism graphic organizer, video from above 44 0 obj 34 0 obj /XObject <> � endstream There are certain elements of a traditional economy that those in more advanced economies, such as Mixed, would like to see return to prominence.Where Tradition Is Cherished: Traditional economies still produce products and services that are a direct result of their beliefs, customs, tradition… �\ }+ The traditional economy. stream Every economic system — be it capitalist or socialist — must have a mechanism that coordinates the economic activity of micro-units—consumers, factor owners, and business firms. An economic system is a type of social system. �z@� �0& 3 Concepts of Economics: Goods (the something you want to buy) Capital (the money needed to buy goods you want) Scarcity (limited supply of resources) Economic systems are formed around 3 questions: There are different types of economic system. � �!>& Culturedefines the traditional economic system. �z@� �0&�2�Գ��ɹ Three major kinds of economic systems exist – traditional, command, and market. Economic system, any of the ways in which humankind has arranged for its material provisioning. endstream <> ,++++++p:������8� e can difW ferentiate in various types of economic systems on the basis of following criteria. endobj endstream have an economy, or economic system —an organized way of providing for the wants and needs of their peo-ple. endobj endstream stream Or it is economic individualism wherein the individuals are the one to decide what and how much to produced and distributed. x�3R��2�35W(�*T0P�R0T(�Y@��� stream Each economy functions based on a unique set of conditions and assumptions. � 6 0 obj 23 0 obj endobj endobj �z@� �0& /Resources 28 0 R /Filter /FlateDecode /Length 111 >> 8/22 Economic systems notes and matching graphic organizer 8/23 Finish above organizer, begin documentary on North Korea with guiding question of "How does this video illustrate the failure of a command economy? " Economic Systems . 25 0 obj �����c����� ke� endobj stream endobj stream 24 0 obj x�3R��2�35W(�*T0P�R0T(�Y@��� x�3R��2�35W(�*T0P�R0T(�Y@��� <> %PDF-1.6
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3 •Name the economic systems. 28 0 obj The mode of production is a related concept. Capitalism. <> 21 0 obj <> The government distributes only one type of product for a given good or service. 7 0 obj �\ } ' endstream Traditional, Command, Market •Which economic system do most textbooks say is the most common throughout the world? �����ch����� {C �0D�=Ŝ 6��v+~P\(��� ���-&o��1(M��V40n�.�$����k� �p9��iԨO̪��ZFn�qE� �����c����� ks� endobj �!>f x�3R��2�35W(�*T0P�R0T(�Y@��� endstream Types of Economic Systems. It is based on culture and tradition. In the market… �!>� h�b```f``2d`a`�3bb@ !�+P��S��Ve�m @ V�d���n\��h����`�耫 ��0�Thi �Al���'S(S>c;�>�vf#�.�{����:�6ߑ��������#H3� @� D�@
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�!>� <> 13 0 obj endobj Since there is no government intervention in this type of system, consumer could be exploited through the charging of high prices for essential goods and services. stream Capitalism An economic system in which the means of production are privately owned. �!>� endobj �z@� �0& Three major kinds of economic systems exist—tradi-tional, command, and market. ��ebbbbbN���������C`Y�X�X�X�X�X��!��@�@�@�@�@�@���XV V V V V V�t,++++++p:������8� �z@� �0& When confronted with this problem of x�3R��2�35W(�*T0P�R0T(�Y@��� Capitalism is that part of economic systems where productions are owned and managed by private individuals and institutions. Command economies are characteristic of nations that embrace the political ideology of _____. .� There are many economies around the world. <> stream endstream The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. The people in this economic system believe what was practiced by their ancestors is right and should not be questioned. � <> endstream 22 0 obj .� �����c����� k�� <> endstream ]�%�}���E^'����M5�B���v�����2}�-q7;fֽ�O�WJ]��起ͻ'37ޭ�3[���T¶��75Ƿβ绻����3�3������ΠNW�rT���5u?��,{�zO��3����(��^��άEa*!� !� !� !��R8�� x��´(oyl����+t��c;Ⳋ��JaBaBaBaBaBaBa�� /� �� ��61\�9�z�Ͷo�B�B�B�B�BX�E׳C�mu�1-Z&E%�0!�0!�0!�0!�0!���- This is the type of economy in which the organization of production and distribution is frequently governed by tribal rules or customs. �!> Therefore, they continue the habits from the past in their pres… A traditional economic system is the best place to start because it is, quite literally, the most traditional and ancient type of economy in the world. 26 0 obj ��ebbbbbN���������C`Y�X�X�X�X�X�X�;+��@�@�@�@�@���XV V V V V V�t,++++++p:������8� 33 0 obj Handout B: Three major economic systems and their features Recall that in 1979, China began to move away from a command economy to a market socialist economy. endobj /Resources 30 0 R /Filter /FlateDecode /Length 67 >> <> <> endobj � endstream endobj In an economic system, the There are many different types of economic systems used throughout the world. �����c����� k�� endobj �\ |�# endobj The few reso… x�3R��2�35W(�*T0P�R0T(�Y@��� <> endstream �����c����� k�� � This kind of system is majorly agriculturally based in developing countries. 10 0 obj ��ebbbbbN���������wV`Y�X�X�X�X�X��!��@�@�@�@�@���XV V V V V V�t,++++++p:������8� �����c����� k�� This means an individual needs to have the money with him to buy the goods and services. 18 0 obj Three basic types of economic system have arisen: that based on the principle of tradition, that based on central planning and command, and that based on the market. Target: Economic systems Essential Learning: Economic systems and theorists Objectives Students will demonstrate an understanding of the “Big Three” economic questions and how they apply to the four economic types The Big Three Questions Every economic system in the world, past and present, has to answer these three questions: What to produce? � <> �z@� �0&�2�Գ��ɹ x�3R��2�35W(�*T0P�R0T(�Y@��� 40 0 obj Some examples are socialism, communism, and capitalism. �\ |�% /SMask 44 0 R /Length 2191 >> x�3R��2�35W(�*T0P�R0T(�Y@��� �z@� �0&�2�Գ��ɹ endobj �\ |�& stream • In this type of economic system, the government decides how much workers should produce • Rulers and centralized governments impose their economic choices on society in the form of production quotas, etc. In _____ economic system the _____ has total control over the economy. A mixed economic system contains elements of the market and command systems, with elements of traditional as well. endobj 31 0 obj x�3R��2�35W(�*T0P�R0T(�Y@��� /Resources 30 0 R /Filter /FlateDecode /Length 67 >> .� stream �z@� �0& 3. <> h�ԗ�o�0��G��4ƴ���H]3��ϝc�vW��|�"7>?����.JFTB��D��+NTFd��� gZ͠3�7'. �z@� �0&�2�Գ��ɹ endobj 32 0 obj %PDF-1.4 /Resources 30 0 R /Filter /FlateDecode /Length 67 >> endstream But before we discuss them, we need to know what an economic system is. .� �����c����� kl� �!>� endstream endstream .� /Length 674 >> 4.2 TYPES OF ECONOMIES As you know that economy is a man-made organization, which is created, destroyed or changed as per the requirement of the society. <> 4 �!>� � ~ѕ <> <> endstream 14 0 obj endobj 15 0 obj Economic Systems. {�F�Ct�Tj��-���WYO��C!L!L!L!L!L!l��֎�9@i�>�L�A-�c�T2� �7!�0!�0!�0!�0!��@�bL�Fܬ��n�1瀻���JaBaBaBaBaBa�/�B|A��Ko�����e��&�&�&�&�&�6ʂ0���Ţa����B���� ^? In the traditional system, having abundance is uncommon because of little or no resources in the third world countries. �!> 26 0 obj
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Each has its own distinguishing characteristics, although they all share some basic features. <> stream endobj � <> These include: the traditional, the command/socialist economy, pure capitalism, and mixed economic systems. If you continue browsing the site, you agree to the use of cookies on this website. ��uu��'�&ҥ�
���m��:�jT���6�~���y9]�n����u�t���]?���xPQ ;��U�bs�,�AU��F���'Ӎ������t����z{�V�g��|PZI�x������ա�s�W6�\���ۺ�|���� �����ch����� {J Types of economic systems: 1. #1 – Traditional Economy This is a type of economic system which is based on agriculture, fishing, and hunting. Types of Economic Systems Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. stream In this article, we learn about each of the types of economic system in detail. The way in which these provisions are made determines the type of economic system they have. Social Studies Assessment Activity # 14: Different Economic Systems Anchor #: DE1-025 Criterion: Identifies and Analyzes 2 economic systems Level: 3 The document is a Level 3 because the two economic systems are identified (capitalism and a mixed economy) and all major elements of an economic system are stated (paragraph 2). � Types of Economic Systems. endobj /Resources 30 0 R /Filter /FlateDecode /Length 67 >> /Resources 30 0 R /Filter /FlateDecode /Length 67 >> endobj What and how much economic resources will be used. 27 0 obj <> <> endstream Mixed Economic System: Many economists doubt that “pure” economic systems ever existed. Capitalist Economy-In a capitalist system, the products manufactured are divided among people not according to what people want but on the basis of Purchasing Power—which is the ability to buy products and services. This is highly depending on the population and portrays some little specialty in the labour division. �z@� �0&�2�Գ��ɹ endobj !�0!�0!�0!�0!��QZ��?h���-��W�}O�~ҡ����&�&�&�&�&��E�x����^��h�J�~|- 1 0 obj stream <> 42 0 obj endobj There are basically four main types of economic systems – Traditional Economy, Command Economy, Market Economy, and Mixed Economy. <> endobj endobj � �����c����� kz� �z@� �0&�2�Գ��ɹ 43 0 obj Capitalism. � Traditional economic system people are expected to do what their parents did. �\ |�$ endobj ��S�VXG�P����=���E x�3R��2�35W(�*T0P�R0T(�Y@��� /Resources 30 0 R /Filter /FlateDecode /Length 67 >> Explain how each system answers the basic economic questions of what to produce, how to produce and for whom to produce. <> x�3R��2�35W(�*T0P�R0T(�Y@��� 5 0 obj ECONOMIC SYSTEMS – DEFINITIONS AND CHARACTERISTICS - CAPITAL ECONOMY – SOCIALIST ECONOMY – MIXED ECONOMY C. ECONOMIC SYSTEMS i) Circular Flow of Goods and Money in an Economic System Every economy is a system in which the production of many goods is organized to satisfy many wants of human beings. <> � The United States has a capitalistic system. 37 0 obj Chapter 6: Economic Systems Economics: how people choose to use scarce resources in order to produce and buy the goods they want. stream The discussion above suggests a direction for research on economic systems. �z@� �0&�2�Գ��ɹ Types of Economic Systems What is an Economy? stream <> endobj There are a few types of economic systems that exist in our world. /Resources 30 0 R /Filter /FlateDecode /Length 67 >> endstream ��ebbbbbb���������C`Y�X�X�X�X�X��!��@�@�@�@�@�@�@�@�@�@�@�@�@�@�@�@��pͲ���iobY��kmbY��kmbY�X�� First, a market economy, rather than a socialist or other economic system, should be the subject of research. x�3R��2�35W(�*T0P�R0T(�Y@��� 35 0 obj endobj ���t����li�#}o-n���a��m[���˦�������BҦ[���M��k:���#h/����`�_Z�˥���ڒ�nh�@@B�Vl�O���؟X�����/������.��|��t{���iæ'TH�t�6��. endstream �����c����� k�� 8 0 obj Socialism. <> x�3R��2�35W(�*T0P�R0T(�Y@��� /Resources 30 0 R /Filter /FlateDecode /Length 67 >> Economy: _____ or exchange of goods and services by a group _____ : things to be traded, bought, or sold _____ : work done in exchange for payment _____ : work force, the workers Economic Geography oncerned with how people use the earth’s resources stream �z@� �0&�2�Գ��ɹ <> The traditional economic system is grounded in producing and giving services based on the background, customs, and belief. � <> .� <> 17 0 obj 3 0 obj Considered in developing countries pure capitalism, and mixed economic system in detail governed by tribal or! 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