Chapter Two: Economic Systems & Decision Making
[Pages:11]Chapter Two: Economic Systems & Decision Making
Warm Up Question:
(write answer in notebook with today's date)
What are the Three Basic Questions of Economics?
Unit I: Basic Principles of Economics
? What do we call the place where buyers and sellers come together?
? This concept is a vital aspect to our economic system. It allows the free exchange of g&s and the producers and consumers have the power.
Unit I: Basic Principles of Economics
? ECONOMIC SYSTEM: an organized process to DECIDE how to use SCARCE RESOURCES to satisfy needs and wants.
? 3 Types of Economic Systems:
1. TRADITIONAL Economy:
2. COMMAND Economy:
What do each of these words
3. MARKET Economy:
mean to you? Brainstorm with
group
Move to a clean sheet in notebook: we need to make a table ECONOMIC SYSTEMS
heading MARKET COMMAND TRADITIONAL
Make it for the whole page; we will add in the rows as we go along together and then in groups!!
Unit I: Basic Principles of Economics
MARKET Command TRADEconomy Economy ITIONAL
Economy
WHO Consumers
answers the
&
3 BASIC
QUESTIONS?
Producers decide
Gov't
The past dictates,
Decides customs
decide
Unit I: Basic Principles of Economics
MARKET Command TRADEconomy Economy ITIONAL
Economy
WHERE do these
systems exist in the
world?
USA, Canada, Japan, most of Europe
Cuba, China,
Inuit (Eskimo), Aboriginal
N.Korea (Australia),
African &
Amish
Villages
Unit I: Basic Principles of Economics
MARKET Command TRADEconomy Economy ITIONAL
Economy
ADVANTAGES
DISADVANTAGES
Split Rest of
Table for 2 lastPAGE
rows
33
Traditional Economy
Advant ?Always KNOW ROLE in society ages ?STABLE and predictable life
?BASIC NEEDS provided
Disadvant ages
?LOWER STANDARD of living ?WANTS are not met ?NEW IDEAS discouraged ?LACK of progress, NO CHANGE
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