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Types of Economic Systems

Types of Economic Systems. Systems. Traditional Economies custom, culture, or ritual to decide revolves around family/community Market Economies free market, free enterprise, capitalism individuals and companies decide, not gov’t. Command Economies - centrally planned economy

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Types of Economic Systems

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  1. Types of Economic Systems

  2. Systems • Traditional Economies • custom, culture, or ritual to decide • revolves around family/community • Market Economies • free market, free enterprise, capitalism • individuals and companies decide, not gov’t • Command Economies- • centrally planned economy • the central gov’t alone decides • Mixed Economies- • combination of other three economies • most modern economies are mixed • US is a free market economy but the gov’t intervenes to keep order, regulate, provide services, and promote general welfare

  3. Which are you? • Take the test… • Check everything you agree with • Compare your results with a partner • Let’s take one as a class • http://www.blogthings.com/areyouasocialistorcapitalistquiz/

  4. Free Market/Capitalist • Adam Smith’s Wealth of Nations • Laissez-Faire • Competition • Self-interest • Economic efficiency, freedom, growth and consumer sovereignty

  5. Centrally Planned/Command Economies • Karl Marx -“Communist Manifesto” • Believed all politics and history is driven by the struggle of the proletariat (workers) vs the bourgeoisie (rich upper class) • a socialist society can only come after a violent revolution

  6. Socialism Communism • philosophy that wealth should be redistributed throughout society • can allow for democracy and private ownership • gov’toften owns major industries and uses wealth for social programs • centrally planned economy with all economic and political power residing in the central government • little to no private ownership with societal equality • communist governments are authoritarian- strict obedience to the government, no individual freedom Socialism vs. Communism

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