Chapter 2 Economic Systems and Decision Making - Highpeak
Chapter 2
Economic Systems and Decision Making
Economic Systems Section 1
? Today we get to talk about economies.
Do your parents want you to follow in their footsteps?
? Enter the same profession? ? Take over the family business? ? Attend the same college?
Even the American economy has some tradition.
Economic Systems
Section 1 Types of Economies:
Traditional
Strengths
Weaknesses
Sets economic roles for all, life Discourage new ideas, lower standard of living is stable and predictable
Command
Capable of great change in short time
Does not meet needs/wants of consumers Lacks incentives New ideas discouraged
Market
Adjusts to change
Some people get left out
Laissez Faire
Like the old
Produces great variety of goods
High degree of
consumption
Traditional
? Traditional: the allocation of scarce resources and nearly all other economic activity stems from ritual, habit, or custom.
? EX: Inuit in northern Canada
Command
? Command: one in which a central authority makes most of the what, how and for whom decisions.
? EX: Former Soviet Union
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