types of economies elaborate. scenario you have been chosen as a contestants on the next season of a...
TRANSCRIPT
Types of Economies
ELABORATE
Scenario
You have been chosen as a contestants on the next season of a survival-based reality TV
show. A packet arrives in the mail explaining the details of your contract. You may not
bring any items with you on the journey. They have provided you with a form to complete
where you need to create your “Survival Wish-List”.
Consider what your true basic necessities are to survive; these are your NEEDS. Think of
that items might be useful to make the conditions more bearable; these are WANTS.
Your Survival Wish-list
Items I need to survive Items I want to make life better
What items are “needs”- things we must have to survive?
What were some items that were “wants”- things that improve our
quality of life?
Think About It:
Items I need to survive
Items I want to make life better
HOW PEOPLE GET WHAT THEY NEED: FOOD, HOMES, CLOTHING, MONEY…
Types of Economies
The way a country produces, buys, and sells it’s goods and services
varies around the world.
Type of Econo
my
Definition Synonym
Examples
1.Traditional Economy
PEOPLE MEET THEIR NEEDS BASED ON CUSTOM.
FAMILIES PASS ON THEIR WORK TO THEIR CHILDREN.
PEOPLE LIVE A SIMPLER LIFE.
Native Groups in Central and South America
Traditional Economy
Traditional Economy
Type of Econom
y
Definition Synonym Examples
Traditional
People meet their needs based on custom.
None Native Groups
in Central
and South
America
Free Enterprise System
Synonyms: Capitalism or Market Economy
An economy where people make their own decisions about money and own businesses
with little government interference.
The individual decides:
What to sellHow much to make
How much to charge
It’s important for everyone in a free enterprise not to cheat the
system, lie about profits, or overprice goods
and services.
MORALITY AND ETHICS
Free Enterprise System
U.S.A., Canada, Mexico, Haiti, Panama1. Economic freedom-
“I can choose my job, whatI want to buy, and what I want to sell.”
2. Voluntary exchange- “I’ll sell you this, if you sell me
that. Now let’s make a deal.”
Free Enterprise System
3. Private property-“I own my home and business.”
4. Profit motive- “If I work hard, I can make as much money as I want!”
U.S.A., Canada, Mexico, Haiti, Panama
Type of Economy
Definition Synonym Examples
Free Enterprise
System
A type of economy where people make
their own decisions and own their own
businesses.
Capitalism
MarketEconomy
USACanadaMexicoHaiti
Panama
Traditional People meet their needs based on custom.
None Native Groups in
Central and South
America
Communism
Synonym: Command Economy
Government controls all industry and there is little private property. People do not decide what to sell or
how much to charge for it.
CommunismSynonym: Command Economy
Cuba
CommunismSynonym: Command Economy
North Korea
Type of Econo
my
Definition Synonym Examples
Traditional People meet their needs based on custom.
Native Groups in Central America
Free Enterprise System
A type of economy where people make their own decisions and own their own businesses.
Capitalism USACanadaMexicoHaitiPanama
Communist
Government makes all the decisions.
There is no private property.
Command Economy
CubaNorth Korea
SocialismSynonym: Mixed Economy
PEOPLE MAKE MOST
DECISIONS FOR THEMSELVES,
BUT THE GOVERNMENT
HAS SOME CONTROL.
SocialismSynonym: Mixed Economy
EX: MANY EUROPEAN COUNTRIES
FREE COLLEGE FREE MEDICINE
FREE DOCTOR’S VISITS FREE CHILDCARE
SocialismSynonym: Mixed Economy
“I CAN OPEN MY OWN BUSINESS AND THE
GOVERNMENT WILL NOT INTERFERE.”
“I GET FREE HEALTHCARE AND
EDUCATION, BUT PAY VERY HIGH TAXES.”
Type of Econo
my
Definition Synonym Examples
Traditional People meet their needs based on custom.
Native Groups in Central America
Free Enterprise
System
A type of economy where people make their own
decisions and own their own businesses.
Capitalism USACanadaMexicoHaiti
Panama
Communist Government makes all the decisions.
There is no private property.
Command Economy
CubaNorth Korea
Socialism
Many, but not all, businesses are
owned and controlled by the
government.
Mixed Econo
my
Many Europe
an Union
countries
Journaling
Explain which economic system you believe is the
best for a country to practice. Provide
and explain at least 3 reasons
supporting your opinion.
Show what you know:
Read the description. Decide in which type of economy it would
most likely be found.
Free Enterprise System Communist Economy
Socialist EconomyTraditional Economy
People live off the land and sell their crops in village markets for items
they need.Traditional Economy
Show what you know:
Buyers and sellers make the decisions.
FREE ENTERPRISE SYSTEM
Show what you know:
Supply and demand determines how much an item costs.
FREE ENTERPRISE SYSTEM
Show what you know:
The food supply is rationed, or divided, so everyone gets the same
amount.
Communist Economy
Show what you know:
Citizens receive a free college education, but also have freedom to make their own career and business
decisions.Socialist Economy
Show what you know:
Workers are free to work wherever they choose.
FREE ENTERPRISE SYSTEM
Show what you know:
Families pass on skills, land, and animals from generation to generation.
Traditional Economy
Show what you know:
Equal distribution of goods and services for everyone.
Communist Economy
Show what you know:
Competition limits the abuse of economic power.
FREE ENTERPRISE SYSTEM
Show what you know:
There is no unemployment.
Communist Economy
Show what you know: