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Economic Systems

Explore the origins, advantages, and disadvantages of traditional, command, and free market economic systems. Learn how money evolved and the pros and cons of different economic models, including communist systems. Discover the intricacies of command economies versus free market economies in today's world.

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Economic Systems

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  1. Traditional (barter) Command Free Market Mixed Economic Systems

  2. Traditional Advantages? Disadvantages? Eventually out of need, what was invented? Disadvantages? Advantages?

  3. Eventually money was produced • Motivation for a form of money? • A lot easier to carry some form of vs

  4. Command Economy Govt makes ALL economic decisions Pros of Communist system Cons of Communist system

  5. Pros and Cons of Command economy? http://www.time.com/time/specials/2007/article/0,28804,1658545_1658533_1658030,00.html http://www.deere.com/en_US/docs/zmags/residential/online_brochures/rle_literature/static/d100_series.html

  6. Free Market Economy • No govt involvement. • Prices, wages, etc determined by “Invisible Hand” – i.e. Law of Supply and Demand Pros? Cons?

  7. Mixed Economy • Combines elements of Command and Free Market • Very common economic system today • U.S., Britain, Germany, etc Cons? Pros?

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