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Comparing Economic Systems Vocabulary Review

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Page 1: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Comparing Economic SystemsVocabulary Review

Page 2: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

9/25 Do NowWhat is the difference between a command

economy and a market economy

Page 3: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

CommunismEconomic system where all property is

collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs.

Page 4: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

CapitalismEconomic system where the means of

production are privately owned. Supply and demand determine prices, and businesses are free to direct resources into activities that promise the greatest profits.

Page 5: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

SocialismEconomic system in which government owns

and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.

Page 6: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 7: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 8: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 9: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 10: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 11: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 12: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Pro Socialism or Pro Capitalism

Page 13: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

The StateAnother word for the government

Ex: Socialist State

Ex: Capitalist State

Democratic State

Page 14: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Marx or Smith

Page 15: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy

Marx or Smith

Truth Machines: The Political Economy of Command … viewTruth Machines: The Political Economy of Command and Control. Written, secret, subjected, in order to construct its proofs,

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Step 3 – Turn to p. 91 and add an explanation of Command Economy to your web. Economic Systems Market Econom y Command Economy 1. Explanation 2. Characteristics2

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Identify the following pictures as traditional, command ... is a mixed economy? A mixed economy contains elements of the traditional, command, and market economies. ... world oil market

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