Introduction for middle school students about Economies around the world
-
Upload
amahaley -
Category
Economy & Finance
-
view
55 -
download
10
description
Transcript of Introduction for middle school students about Economies around the world
ECONOMIES AROUND THE WORLD
Economic Systems• Free Market• Command• Socialist
Supply and Demand
Supply and Demand
Individual Freedoms Competition Limits
Flow of Money in a Free Market
Gross Domestic Product
High GDP• Rich countries produce more goods and services
and so they have a higher GDP
Low GDP
• Poorer countries usually have limited resources
Command Economy
No one gets to be an entrepreneur Only the government decides what
happens Consumers have little or no choice
Compare and Contrast
Free Market Economy
Command Economy
What is the governments role?
Makes few decisions Makes all decisions
Does the system run on competition or cooperation?
Competition Cooperation
Which principle guides the economy?
Supply and Demand Central planning
Who own property and businesses?
Individuals and groups
The government
Does the system emphasize freedom?
Yes no
Talk about it!
What would an advantage be of living in a command economy?
What would a disadvantage be?
Socialism – let’s share!
Most European countries have some aspects of
socialism but operate in a free market economy.
Socialism generally determines a higher tolerance for a tax burden on individuals
All citizens have access to free health care
Social welfare programs are expanded.