Types of Economies
... own their own businesses and property and
must buy services such as healthcare. Little
government control allows prices of goods and
services to rise and fall based on supply and
demand for them.
The U.S. Economy
High income inequality
Most unequal society among the advanced
May cause disharmony and distort democratic
May cause debt-ridden society due to
The United States of America
... Time is very important – “time is money”
Greetings – casual, a handshake and smile are all
that are necessary
no elaborate gifts (bribery)
Usually give small gift to host or hostess
Gifts are usually opened when received
The Economy can be Counted
... How does money and goods flow between producers and
Why are some goods/services more expensive than others?
How the economy can be measured?
Chapter 4, Section 5
... exchange of goods and services among a group of
• The way people choose to produce and exchange
goods is called as economic system
– Traditional Economy - trade without money, or “barter”
– Command Economy – production determined by government, who
also owns the means of production, and does ...
January 2009 Macro Headlines
... The Financial Crisis of 2008
• Financial institutions experience significant losses
due to defaults on mortgages.
– Several failing financial institutions either acquired by
others or go bankrupt.
Economic Systems of Europe
... like British Steel, British Coal, and British
Airways over to private ownership(business),
setting up free market competition instead of
Economics Final Exam Study Guide Unit 1: Economic Decision
... 18. What are the goals of a labor union?
Unit 3: Money
19. Why is money more efficient than barter?
20. Why is portability an important characteristic of money?
21. How do banks create money?
22. What is the relationship between interest rates and the demand for loans?
23. What is the purpose of the ...
... • Place them in their appropriate place on the spectrum
• Write a brief explanation of why you placed them where
Study Guide (Use your notes and chapter 2 in the book) This is a
... 13. What is the role of government in our free enterprise
14. How do freedom of enterprise and freedom of choice
apply to the American economy?
15. What roles do private property, the profit incentive,
and competition play in the American economy?
16. How does an “invisible hand” directing ...
Promoting Growth and Stability
... Employment- the federal government wants to provide jobs for
everyone who is able to work.
We want an unemployment rate of about 4-6 %.
Growth- We want a higher standard of living than that of
For each generation to do better—the economy must grow to
provide better good ...
Unit 8 Types of economies
... gov’t owns major industries and provides social
programs, like national health insurance, but taxes
its citizens heavily; France, Venezuela, Russia.
Philosophy based on belief that wealth should be
redistributed throughout society.
Can allow for some private ownership and
the us economic system
... -Mediation: a neutral person help both sides reach a compromise
-Arbitration: when a third party makes a final decision for both sides
-Picketing: boycott, right-to-work laws
-Closed shop: only labor union members can work
Types of Competition in th ...
The non-monetary economy represents work such as household labor, care giving and civic activity that does not have a monetary value but remains a vitally important part of the economy. With respect to the current economic situation labor that results in monetary compensation becomes more highly valued than unpaid labor. Yet nearly half of American productive work goes on outside of the market economy and is not represented in production measures such as the GDP (Gross Domestic Product).The non-monetary economy seeks to reward and value work that benefits society (whether through producing services, products, or making investments) that the monetary economy does not recognize. An economic as well as a social imperative drives the work done in this economy. This method of valuing work would challenge ways in which unemployment and the labor force are all currently measured and generally restructure the way in which labor and work are constructed in America.The non-monetary economy also works to make the labor market more inclusive by valuing previously ignored forms of work. Some acknowledge the non-monetary economy as having a moral or socially conscious philosophy that attempts to end social exclusion by including poor and unemployed individuals economic opportunities and access to services and goods. Such community-based and grassroots movements encourage the community to be more participatory, thus providing a more democratic economic structures.Much of non-monetary work is categorized as either civic work or housework. These two types of work are critical to the operation of daily life and are largely taken for granted and undervalued. Both of these categories encompass many different types of work and are discussed below.It is important to point the microscope on these two areas because only certain people are very civically engaged and very frequently a certain group of people tend to do housework. Non-monetary economic systems hope to make community members more active, thus more democratic with more balanced representation, and to value housework that is commonly done by women and less valued.