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Command Traditional Market

Command Traditional Market. 1. 2. 3. Economic Systems Three Economic Decisions What and How Much is Produced? Quantity Depends on available factors of production ii. How is it produced? - combining labor, land, and capital - technology iii. Who gets what?

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Command Traditional Market

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  1. Command Traditional Market 1 2 3

  2. Economic Systems • Three Economic Decisions • What and How Much is Produced? • Quantity • Depends on available factors of production ii. How is it produced? - combining labor, land, and capital - technology iii. Who gets what? - distribution - consumption

  3. The Role of Technology • The practical application of science to commerce. • Faster • Cheaper • Keep records, make calculations. • Expand area of distribution • Increase advertising http://www.macomb.k12.mi.us/wq/alvaro/assem.mov

  4. Application #1: Suppose that you have just bought 100 acres of land. What is the first economic question you should ask yourself?

  5. Application #2: What influences the number of sweaters a factory owner produces?

  6. Application #3: What choices must a smoothie stand owner make in determining how to produce smoothies?

  7. Application #4: How might new technology affect all 3 decisions for a wheat farmer?

  8. b. Traditional Economy i. Determined by customs and traditions c. Command Economy i. Determined by government d. Market Economy i. Determined by consumers and producers ii. Capitalism iii. Free market

  9. Circular Flow Model

  10. What happens when resources are scarce?

  11. Mixed Economy • USA and China • Market + Command

  12. Copy your essay prompt. Explain how unlimited wants and limited resources affect decision making in a market economy. Homework: Prepare an outline or graphic organizer for this prompt.

  13. Freedom’s Sound • What effect did Communism have on Estonia’s economy and the lives of its people? • How do free markets lead to higher quality goods and lower prices? • What happens when people are free to make their own decisions, to take risks, to succeed, and possibly to fail?

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