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Get Your Journals Out!

Get Your Journals Out!. Be ready to get going and work hard. If you don’t cooperate, there will not be time for the game. Economy. Types / characteristics. Traditional Characteristics. Economic questions answered based on tradition People do as their ancestors do

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Get Your Journals Out!

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  1. Get Your Journals Out! • Be ready to get going and work hard. • If you don’t cooperate, there will not be time for the game.

  2. Economy Types/ characteristics

  3. TraditionalCharacteristics • Economic questions answered based on tradition • People do as their ancestors do • Handed down for generations • Primarily Agricultural • Centered around family and/or tribe • Individuals do not choose position in society • They do whatever their parents had done • Resources are allocated by inheritance • No private property. All property is family or village owned. • Tools are primitive • There is very little trade with outsiders

  4. TraditionalProduction Methods • Subsistence Agriculture • All product is intended for the farmer and his family • Very seldom is there surplus, so little is traded • For these reasons, economic growth is slow • Cottage Industries • Products that are made in spare time • Examples are woven cloth, furniture, other handmade goods • This is a means for farmers to earn extra income to meet needs

  5. Free enterpriseCharacteristics • Also known as Capitalism or Free Market System • People own their own goods and property • They are able to determine what to produce and purchase what they can afford • Governments role is to provide and enforce rules, maintain monetary system and protect people’s rights to property • Production is profit-based • The basic economic questions are answered by the relationship of consumers and producers • Supply and Demand

  6. Free enterpriseProduction methods • Commercial Agriculture • Farmers grow food for not only themselves, but to sell to others • Productions is meant for distribution to wholesalers and retailers (supermarkets, grocery stores, etc.) • Commercial Industries • Goods are manufactured in factories for sale throughout the country and overseas • This type of system exist in the U.S., Great Britain, France, Chile, Canada, Japan, and Germany

  7. CommunismCharacteristics • Developed by Karl Marx • Ideally it was meant to prevent businesses from taking advantage of workers • The economic decisions are made solely by the government. • Including what is produced/provided, the means of distribution and use of all resources • There is no private property. • All land, factories, farms and resources are owned by the nation • Based on cooperation • All workers labor together and share equally. • The goal is a classless society

  8. CommunismProblems • Many countries operated as communist economies at one time, such as the Soviet Union, Eastern Europe, China, North Korea, Vietnam and Cuba, but today only China, N. Korea, Vietnam and Cuba maintain this type of economy. • Communist economies were not able to keep up with goods created by free enterprise economies. • Workers had no incentives to perform better, so they failed to put out extra goods. • Prone to corruption, such as bribes of government officials.

  9. Socialismcharacteristics • Most business producing goods are owned by the government, such as mines, factories, big businesses, railroads, hospitals, utilities, banks) • Unlike communism, however, ownership of small businesses is encouraged (shops, small manufacturing) • Also referred to as “free market socialism” • Created in response to exploitation of workers in Europe. • Government provides free-schooling, low-cost housing, public transportation and healthcare. • The major goal of socialism is fairer distribution of income among ALL members of society. • Examples of socialist economies are Sweden and Israel.

  10. Mixed Economies • In the real world, no economy follows one economic system completely. • There is a spectrum that ranges from communist to free enterprise and most countries fall somewhere in that spectrum.

  11. Economies bingo Let’s play! Write the number of the corresponding picture in the square that contains the word that the picture represents. Some (but not all) pictures may be used for more than one idea, so be careful! The first person to cover all four corners correctly…16 squares, WINS!

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  13. 5 6 7 8

  14. 9 10 11 12

  15. 13 14 16 15

  16. 17 18 19 20

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  18. 25 26 27 28

  19. 29 30 31 32

  20. 34 33 35 36

  21. 37 38 40 39

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