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Exploring Economic Systems: Traditional, Market, Command, and Mixed Economies

Discover the definitions and characteristics of traditional, market, command, and mixed economies, including examples like the US and China. Learn about labor unions, big business corporations, types of corporations, and social changes like urbanization and immigration. Explore the impacts of economic systems on society and business entities. Dive into the complexities of economic structures, government influence, and the roles of businesses and labor unions. Uncover the challenges and benefits associated with various economic models, from socialism to capitalism. Stay informed about the evolution of economic systems and their effects on everyday life.

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Exploring Economic Systems: Traditional, Market, Command, and Mixed Economies

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  1. Road to Industry A. Types of Economic Systems 1. Traditional Economy Definition: based on faith/traditions Barter economy- trading, no money system Problems: value (what = what) need (do you have what I need) 3rd world countries http://www.economywatch.com/economies-in-top/ http://www-personal.umich.edu/~lormand/poli/nike/nike101-8.htm

  2. Road To Industry 2. Market Economy definition: based on choice/competition Laissez-Faire: government “hands off”. (government does not control the economy) Free enterprise/survival of the fittest Pure market economy- no unemployment aid, no welfare, medicare, social security, or minimum wage. Do any exist?

  3. Road to Industry 3. Command Economy: Definition: Government owns/controls all means of production -No private ownership or private business. Examples (Cuba, China) Benefits: no unemployment Socialism/Communism No social classes-all equal

  4. Road to Industry 4. Mixed Economy: Definition-market and command Examples--US and Japan Benefits: * Private Ownership *Options * Class systems Government influence: welfare system, medicare, healthcare, unemployment, minimum wage 2013 Budget http://en.wikipedia.org/wiki/2013_United_States_federal_budget Minimum Wagehttp://www.minimum-wage.org/federal-minimum-wage

  5. 2013 Budget

  6. Big Business Corporation Definition: Company formed by investors who share ownership in proportion to investment Investor: A person who owns stock in a corporation Stocks: Piece of ownership of company Examples of corporations https://nyse.nyx.com/ Fortune 500 http://money.cnn.com/magazines/fortune/fortune500/index.html

  7. Big vs Small Business

  8. Big vs Small Who would you rather do business with??? WHY?

  9. Types of Corporations • Vertical Consolidation (Legal) • Joined businesses engaged in different but related activities • EXAMPLE • Oil company (British Petroleum-BP) • Gas stations • Trucking companies • Oil refineries • Oil drilling • Construction companies

  10. Types of Corporations Horizontal consolidation: • Legal at one time • Illegal today! • Definition: company owns all competition (monopoly) • Bad for consumers • Controls price • Example (Standard Oil-Rockefeller) • Exxon, Shell, Marathon, Citgo

  11. Monopoly

  12. Types of Corporations Holding Company • Produces no products • No customers • A company that owns stock in other companies

  13. Road to Industry Labor Unions Definition: group of workers of same profession Goals: -Better pay/ no minimum wage -Working conditions/ equipment and training -Better hours/ overtime -Fairness in work place -End child labor (Industrial Period) http://198.234.41.198/w3/webwh.nsf/allbykey/0a2cc2509843265a852566180051af2e http://usgovinfo.about.com/od/moneymatters/a/Labor-Union-Membership-Declined-In-2010.htm

  14. Labor Unions Business owner: why oppose it? • Costs to businesses • Alternatives: Cut employees or move overseas • Cheap labor • Less government restriction • Fewer government regulations • Less cost to produce equals more profit Are Unions good or bad? • Closed shop: no choice must join • Open shop: choice to join • Impact of unions on economy/consumers

  15. What is Made in USA? • http://www.bing.com/videos/search?q=made+in+america+or+made+overseas&FORM=HDRSC3#view=detail&mid=1315251BF88D49A66F571315251BF88D49A66F57

  16. Social Changes Urbanization Definition- moving of people to the cities Rural>Urban>Suburb

  17. Immigration Why come to the USA? • Freedom of religion • Job opportunities • Better life • Political freedom • Better Treatment • Education • Lifestyle

  18. Immigration • Where are immigrants from? • Majority: Europe and Asia (China) • In 2012, Hispanic, Middle East, and Southeast Asia.

  19. Immigration Issues of Immigration • Discrimination • Rise of Nativism • Laws-Government/Segregation Long Process to US citizenship Visa Permanent Residency Green Card Citizenship Deportation http://www.american-citizenship.org/naturalization/naturalization-eligibility-requirements.php • US Citizenship Test • http://www.uscis.gov/portal/site/uscis/menuitem.d72b75bdf98917853423754f526e0aa0/?vgnextoid=afd6618bfe12f210VgnVCM100000082ca60aRCRD&vgnextchannel=afd6618bfe12f210VgnVCM100000082ca60aRCRD

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