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Market and Command Economies

Market and Command Economies. Preparing to Teach HS Economics 2014. Who Decides?. Market Economy Productive resources are owned and controlled by individuals Decisions about resource use are made by numerous individual buyers and sellers in markets

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Market and Command Economies

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  1. Market and Command Economies Preparing to Teach HS Economics 2014

  2. Who Decides? Market Economy • Productive resources are owned and controlled by individuals • Decisions about resource use are made by numerous individual buyers and sellers in markets • Individuals are motivated by their own self-interest Command Economy • Except for human resources, most productive resources are owned and controlled by the government • Decisions about resource use are made by central planners of the government • Central planners are motivated by the social goals they establish

  3. Broad Social Goals (review) • Economic Freedom • Economic Security • Economic Equity • Economic Efficiency • Economic Growth*

  4. Who Decides: Allocation Game Dictator - decide how to allocate resources Nech owners - sell your 1 unit Nech for the highest price possible Carbo producers - try to buy Nech. If you buy some, you get another card and money to buy more. Get as much as you can. Vesto producers - try to buy Nech. If you buy some, you get another card and money to buy more. Get as much as you can.

  5. Who Decides? carbos 8 7 6 5 4 3 2 1 4 7 5 6 8 2 3 1 vestos

  6. Individual Incentives under Different Economic Systems

  7. Individual Incentives under Different Economic Systems

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