Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!
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Transcript of Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!
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EconomicsCHAPTER 2Section 1
economic systems and decision making
Name that System!
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Determine for each slide
whether the economic system
being illustrated is
Traditional
OR
Command
OR
Market
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1. Actions in this type of economy relate to ritual,
habit and custom.
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TRADITIONAL ECONOMY
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2. A strength of this type of economy is its
ability to rapidly change in a short
period of time
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COMMAND ECONOMY
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3. A weakness of this economy is its failure to
provide for the weak, the sick, the old and the very young who cannot
be productive
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Market economy
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4. Name a stable, predictable and
continuous economic system
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TRADITIONAL ECONOMY
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5. This economic system does not meet the needs
and wants of citizens because the central authority makes all
decisions, rather than the individual
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COMMAND ECONOMY
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6. This economic system
discourages new ideas or change
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TRADITIONAL ECONOMY
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7. This economic system provides a high degree
of consumer satisfaction because individuals make most of the
decisions
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Market economy
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8. This economic system offers a
variety of goods and services because new ideas are encouraged
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Market economy
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9. This economic system lacks incentive for
individuals because a central authority
controls the factors of production; there is no
private property
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COMMAND ECONOMY
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10. This economic system has a
notable lack of government interference
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Market economy
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11. Which system would Adam Smith support?
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Market economy
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12. Which system would Adam Smith most disagree with because of Laissez-Faire?
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COMMAND ECONOMY
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13. “WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH
SYSTEM?” - - Name that system!
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Market economy
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14. “Our grandmothers taught us to weave, and we have taught our daughters.” - Name that system!
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TRADITIONAL ECONOMY
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15. “We slaughter the hogs because the government tells us to. I hate this job. I’d rather be a carpenter.” -
Name that system!
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COMMAND ECONOMY
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16. “We slaughter hogs better than any of our competitors!” -
Name that system!
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Market economy
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17. “We’ve been quilting for our community for decades. We’re very talented.” –
Name that system!
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TRADITIONAL ECONOMY
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18. “I really hate quilting. I wish I could go fishing instead, but girls don’t fish in our community.” –
Name that system!
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TRADITIONAL ECONOMY
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19. “We wait for the government to give us rations of meat, but there is never enough.” – Name that System!
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COMMAND ECONOMY
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20. “People who cannot work are not rewarded in this system.” – Name that
system!
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Market economy
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21. “Goods are moving in and out of our country every day because of consumer
demand.” – Name that System!
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Market economy