Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies. Thus, we can categorize them into four types of economic systems; traditional economies, command economies, market economies and mixed economies. � � � & � � & & & � � ���E�� v � was produced in the past The government decides what should be produced. l a��yt�� $If gd�� � It is observable in the real world that there is no pure market or pure planned economies. � � P D � � � $$If a$gd�� � kd� $$If �l � �� Then prices will rise once more, but only as long as demand is high. To simplify these comparisons, economic growth is generally assessed as general GDP. What are the three questions ALL economic systems answer? However, the economy of every country also changes over time, and how it falls between these broad categories will often change with it. 0 Introduction 5. economic growth: The increase of the economic output of a country. 2. SYSTEM COMMAND. Do My Online Exam, economics essay questions and answers, research papers, case studies or any sort of assignment, we will be able to help you. �� �! t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� From an economic standpoint, advocates of this model argue the non-necessity of economic systems for human existence. The government owns most of the means of production. How do economic systems answer the basic economic questions 1. �s �! Assessment 1. � (1)Inequality (2)Exploitation (3)Monopolies, In ______ economic systems the _____ has total control over the country, Command economies are characteristics of nations that embrace the political ideology of ______, Critics of command economies claim that ______ workers are rewarded because everyone is treated the same. Explain that countries have a mixed economic system located on a continuum between pure market and pure command. answers the key economic questions? � � � O P Q R �������������Ǽ��� h�T! t ��&6� 5� $ 5�� 5�� 5�G a��yt�� � $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� 0 H T \ d l � ANSWER KEY Student Normal.dot Student 2 Microsoft Office Word @ @ �J�w�@ �n�E�� � � �� ��՜.�� +,��0 � h p � � � � � � � � � � � HumbleISD P ' ANSWER KEY Title • 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. 5 3. A Traditional economy is characterized by the ________ of goods in which people trade their possessions with each other, Traditional economies do not use _______ as a medium for trade, Money allows _______ and producers to connect with each other much more _______ than bartering, _________ economies are driven by _________ and demand, Freedom and ________ make market economies possible, Another word used to describe market economies is _______, Those who believe in market economies think that the more you trade with another nation the less likely you are to go to _______ with that nation, _______ is the term used to describe a hands-off approach by the government toward the economy. Comparison of Economic Systems. (a) (b) QC) ; D differently, multiple economic systems have developed. / e � � � � � � T � � � � � � � � � � � � � T � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � 0 � � $ 0 � � � � � / e � � � � � � T � � � � � � � � � � � � T �@ 0 � � �� 00 ��� 00 . The capitalist economic system is also weak, Marx said, since it is an unplanned system which causes one crisis after another. SYSTEM WHAT TO PRODUCE? t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� or . Bartering: Exchange goods or services without involving money. l a��yt�� e � � � � � � T Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL. & F � O 0  & � � F � & � & � � & � � � � � economic system in which the government makes all decisions on the three key economic questions • command economy: another name for a centrally planned economy • socialism: a range of economic and political systems based on the belief that wealth should be distributed evenly throughout society Different economic systems around the world answer these questions in different ways. �� �! Students research the economic systems of a communist country and a third-world country and compare them to the US, ... comparing the economic systems of nations large and small, industrialized and developing, ... Key Concepts: Economic Systems, Human Capital, Productive Resources. They may be grouped into four categories: Key Takeaways Key Points. This proposition is known as convergence. / e � � � � � � T � � � � � � � � � � � � � T �! 0 .�� 00 �� 00 �� 00 @ `3 � �� 00 �@ 0 � � � �� 00 �� 00 �� 00 �� 00 �\ ����i�$ $ � � G �� 00 @ `3 � �� 00 �� 0 0 ��� 00 �� 00 @ `3 �� 00 �� 00 �� 00 @ `3 � �� 0 0 l 4� a� ( k ��� ( N o L i s t j �@� � j �� Economics is among the courses provided in colleges and universities. . � �! �� �z� R $ 0 � � � � � � � � � � � � � � � . Each has its own distinguishing characteristics, although they all share some basic features. Critics of market economies claim that they result in _______ between the few that are wealthy and the many that are poor. � t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� # $ � � � � � � � The government owns most of the means of production. _________ have some of the characteristics of both command and market economic systems. Define Economics: What are the three questions all economic systems answer? b. 0 4. What are two characteristics of a traditional economy? When supplies increase, prices tend to drop. Marx believed that revolution among the proletariat was inevitable. Last, play the matching game below to see if you can identify the elements of each economic system. Economies can be formal or informal, and economic activity can occur in various economic systems. � � � � � � � � � � � P K gd�� � kd� $$If �l � �� The resources of an economic system are called factors of production because the economy needs them to produce goods and services. 10 What three basic economic questions must be answered by every society? Complete the assignment online and either . to me at [teacher email address] _____. In a communist society everything is owned by the working class and everyone works toward the same communal goal. �� �! �� �! print it. Adam Smith is credited with formalizing capitalism in his 1776 book, The Wealth of Nations. Each economy functions based on a unique set of conditions and assumptions. Let me know how you do on it! ���� ���� ! " with 18 fill-in-the-blank questions and a graphic organizer. .? This impacts most negatively on the proletariat. ����$ % &. h�� CJ aJ h�= h�� CJ \�aJ h�= h�� CJ aJ h�= h�� 5�CJ aJ h�n- h�� h�� hn h�� 5�CJ aJ h�� 5�CJ aJ hpH h�� 5�CJ aJ $ 0 � � � � � � � � � � � � � � � � � � � � � � � � � $$If a$gd�� $If gd�� gd�� $a$gd�� $a$gd�� R � � � � � � . t ��0 � � � � � � �&6� � � � � � �� � � � �� � � � �� � � � �4� 4� Often the government owns major _______, but private _______ also exist. � Revolution would enable workers to seize the capital (so that ownership would be among the majority). Proponents of this ideology believe that the entire history of human civilization took a wrong turn from hunter-gatherer systems into an agricultural system and has led to human dependence on technology to support increasing populations, government control, and culture. � The study of how individuals and nations make choices about ways to use scarce resources to fulfill their wants and needs. By custom – whatever. 3. The government owns most of the means of production.Consumer choices dictate the success of goods/servicesHOW TO PRODUCE?By custom � however items were produced in the pastThe government does the planning for production: factory locations, the occupations of workers and their salariesBusiness leaders choose the means of production Their goal is the most efficient and profitable methodsFOR WHOM TO PRODUCE?By custom � whoever usually received products will again receive themThe government controls the distribution system for goods/services: housing, transportation, consumer items and sets pricesThe consumers� income determines who receives which goods/services Economics: pertaining to an economy,�or system of organization or operation, especially of the process of production. 60 mins. Put each of the numbers in the correct section #1 Traditional Pure Command #3 Pure Market #7 Mixed #9. In a capitalist system prices are determined by how many products there are and how many people want them. � � @ `3 � �� 00 �@ 0 � � �� 00 �� 0 Identify the three questions that all economic systems must answer. Critics also claim that the market economies can lead the ______ of the poor in less well off countries and large _______ that stifle(stop) all other competitors. There are … � ����������������������� 2 �� By custom – whatever was produced in the past The government decides what should be produced. The structure of a country’s economy has a lot to do with the country’s politics and the values of its population. Some comparative economists have discussed that there is a tendency in each economic system to make a gradual transition toward the other. R T T � � � � � � � � T T � �T! email it. Chapter 1 Worksheets Answer Key. ANSWER KEY ECONOMY COMPARISON CHART Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL SYSTEM COMMAND SYSTEM MARKET SYSTEM WHAT TO PRODUCE? 4, a 10 percent increase in the price of the good results in A)a 1. In this chapter we redo the analysis for a consumer buying many goods. 20 Five main economic goals help a society choose its economic systems What are they? � R Comparing Economic Systems • LDC Argumentation Module • Page 3 NUMBER COLLEGE AND CAREER READINESS ANCHOR STANDARDS FOR WRITING 1 Write arguments to support claims in an analysis of substantive topics or texts, using valid reasoning and relevant and sufficient evidence. Here is a worksheet in which learners identify and compare economic systems (market, command, mixed, etc.) Key Terms. l a��yt�� $If gd�� T The father of free market economic theory, Adam Smith, once said, “Individual ambition serves the common good.” Extra Credit helps you teach economic systems to your students with this activity to accompany the new economic systems infographic poster. ECONOMY COMPARISON CHART. Supply and demand. All of them rely on a different set of assumptions and conditions and of course, they all have their own stren… Capitalism results from the interaction of commodities, money, labor, means of production, and production by consumers, laborers, and investors. macroeconomics b. 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