WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods...

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WHAT IS AN ECONOMIC SYSTEM?

Transcript of WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods...

Page 1: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

WHAT IS AN ECONOMIC SYSTEM?

Page 2: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

Economic System

• How the government and businesses work to provide goods and services to consumers

Three Economic Questions1.What goods and service should be produced?

2.How should they be produced?

3.For whom should the goods and services be produced?

Page 3: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

Three Types of Systems

1. Pure Command

2. Pure Market

3. Modern Mixed

Page 4: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

Pure Command Economy

• Government lead

• Government controls economic decision-making

• Government provides the answers to all three economic questions

• Example: communist country

Page 5: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

Pure Market Economy

• Buyers and sellers direct the economic system

• Market decides answers to three economic questions

• Also called a free market, free enterprise or capitalist system

Page 6: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

What’s Free about “Free Enterprise”

• Business is free to establish place of operation

• Consumers are free to buy goods and services when and where they choose

• Freedom to own private property

• Freedom of choice

• Produce any product or service you choose

Page 7: WHAT IS AN ECONOMIC SYSTEM?. Economic System How the government and businesses work to provide goods and services to consumers Three Economic Questions.

Modern Mixed Economy

• No economic system acts in a pure form

• Contain elements of both

What System Does Canada Have?

•Primarily a market, includes aspects of command system

Market EconomyCommand Economy

USA Canada Sweden North Korea


Inventory of Economic Development Programs · Inventory of Economic Development Programs 6 System of Technology to Achieve Results (STAR) Program Description: Help consumers with

Inventory of Economic Development Programs · Inventory of Economic Development Programs 6 System of Technology to Achieve Results (STAR) Program Description: Help consumers with

Health and Consumers Health and Consumers RASFF Rapid Alert System for Food and Feed.

Health and Consumers Health and Consumers RASFF Rapid Alert System for Food and Feed.

CHAPTER 6 BUDGETING How Will You Use Your …accountax.us/Secondary Education Economics Chapter 6 Budgeting.pdf · ECONOMIC EDUCATION FOR CONSUMERS Chapter 6 Describe a filing system

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ECON 3312 Lecture 01 - uta.edu Lecture_01.pdf · key variables. Economic Variables ... • Consumers and firms • The set of goods that consumers consume • Consumers’ preferences

ECON 3312 Lecture 01 - uta.edu Lecture_01.pdf · key variables. Economic Variables ... • Consumers and firms • The set of goods that consumers consume • Consumers’ preferences

Expectations: The anticipations of consumers, firms, and others about future economic conditions.

Expectations: The anticipations of consumers, firms, and others about future economic conditions.

Economic Scarcity and Consumers’ Credit Choice · 2016-12-28 · Electronic copy available at : http ://ssrn.com /abstract = 2849203 Economic Scarcity and Consumers’ Credit Choice∗

Economic Scarcity and Consumers’ Credit Choice · 2016-12-28 · Electronic copy available at : http ://ssrn.com /abstract = 2849203 Economic Scarcity and Consumers’ Credit Choice∗

Economic Systems Review - Moon Valley High School · #7 •This economic system has complete consumer sovereignty meaning consumers decide what will be produced because the producer

Economic Systems Review - Moon Valley High School · #7 •This economic system has complete consumer sovereignty meaning consumers decide what will be produced because the producer

Repairing A Broken System: Protecting Consumers in Debt ...

Repairing A Broken System: Protecting Consumers in Debt ...

Tema 2 - Consumers and the economic theoryR · The Role of Consumers in the Economic Theory Consumer Behavior José Manuel Fernández Polanco ... The Theory of Utility 2.4. Indifference

Tema 2 - Consumers and the economic theoryR · The Role of Consumers in the Economic Theory Consumer Behavior José Manuel Fernández Polanco ... The Theory of Utility 2.4. Indifference

# 3 V - ECONOMIC SYSTEMS types of economic systems : ... economic systems • economic efficiency - only the items consumers want get produced , when they want them ,

# 3 V - ECONOMIC SYSTEMS types of economic systems : ... economic systems • economic efficiency - only the items consumers want get produced , when they want them ,

ECONOMIC SYSTEM IN ISLAM Economic System 1. Public ... · Economic system The economic system of the religion, however, deals with the satisfaction of the basic needs of every individual

ECONOMIC SYSTEM IN ISLAM Economic System 1. Public ... · Economic system The economic system of the religion, however, deals with the satisfaction of the basic needs of every individual

Consumers play an important role in the economic system. Consumer: any person or group that buys or uses goods and services to satisfy personal needs and.

Consumers play an important role in the economic system. Consumer: any person or group that buys or uses goods and services to satisfy personal needs and.

Economic system

Economic system

FEUDALISM Economic System Political system

FEUDALISM Economic System Political system

ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND WILLINGNESS TO

ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND WILLINGNESS TO

Why competition law? Economic performance Social welfare Well being of consumers.

Why competition law? Economic performance Social welfare Well being of consumers.

Demographic and Economic Profile of Low-income Financial Consumers

Demographic and Economic Profile of Low-income Financial Consumers

Direct marketing from producers to consumers: Economic ...

Direct marketing from producers to consumers: Economic ...

ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND …€¦ · ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND WILLINGNESS TO ... the far He has taken me. I am highly indebted to my

ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND …€¦ · ECONOMIC ANALYSIS OF CONSUMERS’ AWARENESS AND WILLINGNESS TO ... the far He has taken me. I am highly indebted to my

Economic Systems 1. Traditional Economic System 2. Free Enterprise System (Market System) 3. Command Economic System 4. Mixed Economic System.

Economic Systems 1. Traditional Economic System 2. Free Enterprise System (Market System) 3. Command Economic System 4. Mixed Economic System.