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Economics

Understand the different types of economies and their characteristics. Learn about traditional, command, market, and mixed economies, with examples and explanations. Explore concepts such as supply and demand, competition, opportunity cost, and resources.

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Economics

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  1. Economics I can explain the different types of economies and give solid examples of each.

  2. 4 Types of Economic Systems • Traditional • Command • Market • Mixed

  3. Traditional Economy • Family or Community based economic system that relies on custom and rituals to make its choices. (past down from one generation to the next) • Examples: • Aborigines • Amazon Tribe • Third World Countries

  4. The three worlds as they were separated during the Cold War era, each with its respective allies.       First World: the United States and its allies.       Second World: the Soviet Union and its allies.       Third World: Non-aligned and neutral countries.

  5. Command Economy • Government makes all the decisions • Examples: • Cuba • China • Any Communist country or Dictatorship

  6. Market Economy • Individual business owners make the decisions based on consumer choices

  7. Mixed Economy • Individuals and the government share the decision-making process • Means of production are mostly privately owned but government guides and regulates the economy. • Example: • USA

  8. Consumers • The people who buy and use products

  9. Goods are products that you buy. Services are the things people do for others in exchange for money or something of value. Goods/Services

  10. Amount of each good or service available to consumers The amount of good or service that consumers are willing to buy. Supply/Demand

  11. Competition

  12. Opportunity Cost • Value of the next best choice vs.

  13. Scarcity • The condition that exists when wants exceed resources available to satisfy wants

  14. Monopoly • When specific individuals or enterprise has sufficient control over a particular product or service that determines which other individuals should have access to it

  15. Resources • Human Resources • Natural Resources • Capital Resources (Tools, machines, and factories used to produce goods.)

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