Supply and Demand QuizSupply and Demand Quiz 1. What happens to the cost of a good for a 1. What happens to the cost of a good for a

consumer when the consumer when the supply increasessupply increases??

2. What happens to the cost of a good for a 2. What happens to the cost of a good for a consumer when the consumer when the supply decreasessupply decreases??

3. What happens to the cost of a good for a 3. What happens to the cost of a good for a consumer when the consumer when the demand increasesdemand increases??

4. What happens to the cost of a good for a 4. What happens to the cost of a good for a consumer when the consumer when the demand decreasedemand decrease??

Capitalism v. Capitalism v. CommunismCommunism

Economic SystemsEconomic Systems

An economic system is the way in a An economic system is the way in a particular country invests, produces, particular country invests, produces, manufactures, and distributes goods, manufactures, and distributes goods, services, and wages.services, and wages.

Short essayShort essay

Which economic system do you Which economic system do you believe is better?believe is better?Include a topic sentenceInclude a topic sentenceThesis (position)Thesis (position)Provide 3 reasons from your notes to Provide 3 reasons from your notes to

support your answer.support your answer.Concluding statementConcluding statement

CapitalismCapitalism CommunismCommunism

Success/Success/WealthWealth

FreedomFreedom

PropertyProperty

ProductionProduction

Distribution of Distribution of goods, services goods, services and wagesand wages

Prosperity – Success - WealthProsperity – Success - Wealth

CapitalismCapitalism

- Comes through Comes through competitioncompetition and and human initiative.human initiative.

CommunismCommunism

- Comes through - Comes through cooperationcooperation

FreedomFreedom

CapitalismCapitalism

- Individuals are free - Individuals are free to make a profit.to make a profit.

CommunismCommunism

- Individuals are free - Individuals are free to enjoy a share of to enjoy a share of their work’s profit.their work’s profit.

PropertyProperty

CapitalismCapitalism

- Free to own - Free to own property such as property such as land, business, land, business, factory, and factory, and machinery.machinery.

CommunismCommunism

- Individuals are not - Individuals are not allowed to own allowed to own property. It property. It belongs to the belongs to the people, state, or people, state, or government.government.

ProductionProduction

CapitalismCapitalism

Individuals and Individuals and corporations invent corporations invent and produce products and produce products to meet the needs of to meet the needs of the market (people)the market (people)

CommunismCommunism

The government The government determines and determines and controls the controls the production of goodsproduction of goods

Distribution of Goods services and Distribution of Goods services and wageswages

CapitalismCapitalism

- Uses the market - Uses the market forces of supply forces of supply and demand.and demand.

CommunismCommunism

- Everyone deserves - Everyone deserves a fair share or a fair share or portion. portion. Government sets Government sets prices.prices.

DefinitionsDefinitions

As a group create a definition for As a group create a definition for communism and capitalism.communism and capitalism.

Position essayPosition essay

What economic system do you What economic system do you believe is better?believe is better?Include a topic sentence (Hook/lead)Include a topic sentence (Hook/lead)Thesis (position)Thesis (position)Provide 3 reasons from your notes to Provide 3 reasons from your notes to

support your answer.support your answer.Concluding statementConcluding statement