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Unit 1, Chapter 1, Section 4

Unit 1, Chapter 1, Section 4. Economic Theories Mr. Young American Government. Essential Question. How are the 3 types of Economic Theories (capitalism, socialism, and communism) different from one another?. I CAN:. List and describe the 3 major types of Economic Theories

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Unit 1, Chapter 1, Section 4

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  1. Unit 1, Chapter 1, Section 4 Economic Theories Mr. Young American Government

  2. Essential Question • How are the 3 types of Economic Theories (capitalism, socialism, and communism) different from one another?

  3. I CAN: • List and describe the 3 major types of Economic Theories • Explain what type of economy the United States currently has • Analyze Karl Marx and his understanding of how communism works

  4. Page 1: Economics • Study of Human Efforts to satisfy seemingly unlimited wants through the use of limited resources • 3 Major decisions: • What and how much should be produced • How goods and services should be produced • Who gets the goods and services that are produced

  5. Page 2: Capitalism • An economic system providing free choice and individual incentives for workers, investors, consumers, and business enterprises • Free market- buyers and sellers were free to make unlimited economic decisions • Adam Smith- Wealth of Nations • Laissez-Faire-government keeps its hands off economy • Mixed-Market Economy- Free enterprise combined with and supported by government decisions (USA) • 5 main characteristics: • Private ownership and control of property and economic resources • Free Enterprise • Competition • Freedom of Choice • Possibility of Profits

  6. Page 3: Socialism • Government owns the basic means of production, determines the use of resources, distributes the products and wages, and provides social services • Democratic Socalism where people have basic human rights but little control of production or ecomony • 3 main goals: • Distribution of wealth and economic opportunity equally among people • Society’s control, through its government, of all major decisions about production • Public ownership of most land, of factories, and of other means of production

  7. Page 4: Communism • Central government directs all major economic decisions; no class systems • Karl Marx- Father of Communism; “Das Kapital” and “Communist Manifesto” • Bourgeoisie- capitalists who owned the means of production • Proletariat- workers who produce the goods • Command Economy- decisions made at upper levels of government and handed down to managers

  8. The Cultivation of Cotton by Volkov

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