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Unit 1 Day 10

Unit 1 Day 10. Economic Systems. Take Out Your Notebooks. (drum roll) Essential Question #3: For Whom To Produce?. A World Where Grades Make Candy. How should we allocate scarce resources?? AKA For whom to produce???. No “pure” examples , but ____, _________, ______ are close.

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Unit 1 Day 10

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  1. Unit 1 Day 10 Economic Systems

  2. Take Out Your Notebooks • (drum roll) • Essential Question #3: • For Whom To Produce?

  3. A World Where Grades Make Candy How should we allocate scarce resources?? AKA For whom to produce???

  4. No “pure” examples, but ____, _________, ______ are close Buzz words: ______ motive, ________ exchange, efficient, _______ ________ ownership Market System a.k.a. Free Enterprise a.k.a. Capitalism __________ & __________ answer the 3 questions. No government __________. __________ & __________ control F.O.P.

  5. Buzz words: _________ planning, “little _______ to work hard”, “mis-match between ______ & ____________”, government _________ No “pure” examples, but ______, _______, ___________ are close Command System a.k.a. Communism ____________ controls F.O.P. _________ answers 3 questions.

  6. The Spectrum of Economic Systems • Hong Kong USA France China North Korea • Market Mixed-Market Socialism Communism • (Mixed) • Most Freedom Least Freedom • Least Regulation Most Regulation

  7. Freedom Security Equity Growth Efficiency Price Stability Employ-ment Command Market Economic & Social Goals • _____]-------------------------------------------[________ • Ireland U.S. France China N.Korea

  8. In the American economy, the goal of • economic equity is MOST connected with • A giving participants a fair chance to • succeed • B restoring laissez-faire capitalism • C creating limits on corporate profits • D subsidizing businesses that would • otherwise fail

  9. Which of the following determines the • division of the economy’s output among • groups and individuals in a market • system? • A the incomes of individuals • B labor unions through collective • bargaining • C marketing departments within firms • D federal and state laws

  10. In a market economy, which of the following laws would one be MOST LIKELY to find implemented by the government? • A laws that set the price of fruits and vegetables • B laws instructing firms of how many workers to employ • C laws requiring all property unsold after 90 days to be given to the government • D laws preventing individuals from destroying the property of others

  11. Which of the following would one expect to find in a command economy? • A a government product planning commission • B a lack of government intervention in the economy • C strict protection of private property rights • D underproduction of public goods

  12. In England, the government owns industries such as the airline, TV stations, hospitals, universities, and defense contractors. However, most other industries involve privately owned firms that compete for business. Which of the following would BEST describe the type of economy England has? • A tradtitional • B command • C market • D mixed

  13. Which of the following economic systems is BEST at providing incentives to produce? • A. traditional • B. command • C. market • mercantilist

  14. Which of the following characteristics BEST defines a command economy? • A. inequity of income distribution • B. government ownership of the means of production • C. private ownership of the means of production • decentralization of economic decision making

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