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Exploring Economic Equality: Types of Economies and Government Intervention

This chapter provides a quick review of authoritarian government, economic equality, and various types of economies. It discusses command economy, free market economy, and mixed economy, with a focus on their pros and cons. It also explores the role of government intervention in achieving economic stability. The chapter concludes with a discussion on different types of taxes.

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Exploring Economic Equality: Types of Economies and Government Intervention

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  1. Chapter 12 Exploring Economic Equality

  2. Quick Review • What is Authoritarian Government? • What are the three examples we talked about? • What is the Patriot and war measures act?

  3. Words • Economic Equality • Egalitarianism • Scarcity

  4. Understanding of Economic Equality • Egalitarianism. • People should own means of production collectively. • Guaranteed annual income • Equality of opportunity. • Minimum wage • No discrimination • Equitable distribution of income. • All people should make similar wages for similar work. • People with more money should pay more taxes.

  5. Types of Economies • Economies that are collectivist have little in common with those that are individualist. • All economies attempt to answer the idea of Scarcity. • What will be produced? • How will it be produced? • Who will make the decisions?

  6. Command Economy • Form of government developed as a response to Classic Liberalism. . • Also known as Centrally Planned economy. • Russia and Cuba are both examples. • The government decides what to produce. • The government decides how good are produced. • The government distributes the goods based on need. • The Government makes all decisions.

  7. What are some pros and cons!

  8. Free Market Economy • A concept, does not actually exist. • The US and the UK prior to the Great Depression would be the best example. • Also, called Capitalism or Laissez-Faire Economy. • Based on Supply and Demand and the profit motive. • Based on equal opportunity.

  9. Let’s talk about • Quiet Revolution (page 322) • Affirmative Action (page 232)

  10. What are some pros and cons?

  11. Mixed Economy • The combination of Free Market and Government intervention. • Came after the Great depression. • We can see is happening in the US now. • Type of government we have in Canada.

  12. Economic Stability and Government Intervention • Should the government get involved to help in a recession? • Is it right? Is it Free-Market? • Let’s talk about the US and Canada.

  13. Taxes • Direct Tax: • Real Estate • National Taxes • Income Taxes • Business / Corporate Taxes • Indirect Tax: • Sales Tax • Excise Tax

  14. AssignmentYou can work on it right now!Due on Friday!

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