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Transcript
Different World Economies Social Studies/Economics Introduction Four Types of Economics Traditional Economies Command Economies Market Economies Mixed Economies Traditional Economies Customs govern the economic decisions that are made Traditional economies are found in rural, non-developed countries Men and Women are given different economic roles and tasks Economic activities are usually centered toward the family or ethnic unit! Think “Tribal” when you think of a traditional economy! Karl Marx Karl Marx (1818-1883) Co-author The Communist Manifesto Command Economies The government makes economic decisions and determines how resources will be used The government sets the prices of goods and services There is little individual freedom government dictates the job in which you work! Consumers have few chooses in the market place no competition! Shortages are common due to poorly run factories and farms! Adam Smith Adam Smith (1723-1790) is considered the father of modern economic theory Market Economies ALL economic decisions are made by individuals Resources are owned and controlled by individuals Economic decisions are based on supply and demand Profit is the motive for increasing work Competition determines price which increase the quality of the product Also referred to as a “capitalist economy” Mixed Economies Government and individuals share the decision making process Government guides and regulates production of goods and services offered Role of Individuals Own the means of production Role of Govt. Protects consumers and workers from unfair policies 99% of the world’s nations today are mixed economies!