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Economic Systems

Economic Systems. Working Definition: A system that allows people to use resources to fill their wants and needs. Examples: Need food, basic shelter. Want a mansion and designer clothes. Hunting and Gathering.

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Economic Systems

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  1. Economic Systems Working Definition: A system that allows people to use resources to fill their wants and needs. Examples: Need food, basic shelter. Want a mansion and designer clothes.

  2. Hunting and Gathering Working Definition:The act of a person hunting and bringing things together to meet their needs. Using the land to provide your needs. • Examples: • Hunters shooting deer to eat. • People gathering berries to eat. • Gathering sticks to make shelter.

  3. Bartering Bartering- To trade by exchanging goods or services without using money. Examples of bartering: 1: A person may give you a chicken if you mow their lawn. 2: I will give you a Twizzler if you give me a KitKat. I’ll give you this for that.

  4. COMMAND ECONOMY Working Definition: In a command economy the government tries to ensure that the country has everything they need. The government helps to decide which products are manufactured and at what price it will be sold. Most command countries do not have a lot of varieties of goods to choose from. This type of economy provides jobs in manufacturing, helps the government control country resources and set and maintain quality standards. Examples: Former Soviet Union, China and Cuba.

  5. Market Economy Market Economy- Businesses and industries produce and sell their goods for money. It’s a competition between the stores. If one store doesn’t get any customers, they may go out of business. It’s all about buying goods from others based on what the people want and are willing to spend for it. Examples: United States, video game manufacturers like Xbox and Playstation and retail stores like Hollister, and Gap.

  6. Mixed Economy Definition:An economy in which companies and individauls make economic decisions along with regulations and guidelines from the government Examples: Ford designing a new car but the government requiring it to be safe on the road with airbags and seat belts, U.S.A and toy manufactures.

  7. GOVERNMENT • Working definition: • The system that provides political direction, laws, policy and • control over the people living in a particular country. Examples: Democratic Republic, Monarch and Dictatorship Types of Governments Presidents of the U.S.A Person Voting

  8. COMMUNISM • A system of government where a single party holds the power. • State controls majority of the economic and government decisions. • Government provides for all citizens creating a classless society. Examples: China, Cuba and North Korea Former Communist Leaders Places in red are current communist governments Communist China’s Flag

  9. Democracy Working Definition: Government where the people hold the running power either directly or through elective representatives. EX: Voting, Campaigning, People have a say

  10. Dictatorship Dictatorship- A country, government, or form of government in which absolute power is exercised by the person in charged. The person in charged is called a dictator. Usually control is maintained by force. Kim Jong ll the North Korean dictator Adolf Hitler the Nazi German dictator from 1933-1945 Fidel Castro the Cuban dictator

  11. Anarchy Anarchy: Chaos within a community due to absence of government or law. Examples: Somalia, French Revolution, Spain Civil War in 1936

  12. Constitutional Monarchy Working definition: A system of government in which a monarchy is guided by a constitution where the parliament makes the decision, and are spelled out in written laws or by customs. The king and queen only make the minimal decsions regarding the countries policy. • Japan • Canada • The United Kingdom- • There is a prime Minster and the parliament in the UK. The king and queen are figure heads and they are mainly there to approve and carry out ceremonies.

  13. Absolute Monarchy Absolute Monarchy is a form of government in which the monarch (King or Queen) is the head of authority and their powers ARE NOT limited. Power is passed down from generation to generation. Ex: Oman, Qatar & Saudi Arabia MswatiIII, King of Swaziland King Abdullah bin Adulaziz of Saudi Arabia Emily Mukh, Noelle Sweely, Hannah Chiappine, Andrew Cardinali

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