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Understanding Types of Economies and Trade Dynamics in Economic Systems

This review covers essential concepts in economics, focusing on the three main types of economies: command, market, and mixed. It explores trade fundamentals, including imports, exports, and trade imbalances, while outlining the roles of tariffs and embargoes. Additionally, it discusses the government's role in taxation to fund services and the function of the Federal Reserve in managing the nation's money supply, setting monetary policy, and adjusting interest rates to influence economic activity.

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Understanding Types of Economies and Trade Dynamics in Economic Systems

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Presentation Transcript

  1. Social Studies OGT Review Economics

  2. Types of Economies • Command – all economic decisions made by the government • Market – business privately owned • Mixed – combination of private ownership and government controlled business

  3. Trade • Buying, selling, and exchanging of goods within and between countries • Exports – products leaving a country • Imports – products entering a country • Trade imbalance – when exports are not equal to imports • Tariff – tax on imports to protect domestic goods • Embargo/blockade – country refuses to trade with another country for political or economic reasons

  4. Taxes • Government raises money (revenue) • Pays for government services • Collected at each level of government

  5. Federal Reserve • Congress created it to manage the nation’s money supply • It sets monetary policy • Changes interest rate (price to borrow money) • Raise rates to get people to save • Lower rates to get people to borrow and spend

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