Flip Comparing Economic Systems
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1 Flip Comparing Economic Systems In small groups (3-4) answer the following for A King of Long Ago and The Communist Manifesto 1. Who makes the major decisions? 2. What degree of Economic Freedom do citizens have? 3. What degree of Economic Equity do citizens have? 4. Who answers the 3 Basic Economic Questions for society? (on bottom of page) How does this compare to U.S.?
2 Comparing Economic Systems Traditional System System based on Survival, not for progress Examples Tribal System, Feudalism, Caste System Economic Freedom = Low Economic Equity = High Answering the 3 Basic Economic Questions What to produce? Do what has traditionally been done How to produce? Use tried and true methods Who to produce for? Based on tradition, privilege, status Examples in U.S. =
3 Comparing Economic Systems Command System System where collective says how wants will be satisfied Examples Communism, Totalitarian, Dictatorship Economic Freedom = Low Economic Equity = High Answering the 3 Basic Economic Questions What to produce? Equal distribution of resources; assigned How to produce? Full employment is priority Who to produce for? Equal distribution of products & wealth Examples in U.S. =
4 Comparing Economic Systems Market System Voluntary Exchange between buyers and sellers Examples Democracy Economic Freedom = High Economic Equity = Low Answering the 3 Basic Economic Questions What to produce? Sellers act in own self interest (profit motive) How to produce? Economic freedom to choose job Who to produce for? Buyers act in own self interest (max. wants) Examples in U.S. =
5 Practice Activity Eco Systems Look at description on your card Determine whether your grade has been determined d using Traditional, Command, or Market methods. Go to side of room that represents the system you chose. Be prepared to discuss your decision
6 Comparative Systems - Example Using the example The Island of 271, fill in each section to compare and contrast the different Economic Systems. Use the example to complete your own Mixed Economic System Present your Economic System to the class BONUS Draw an accurate PPC for your society
7 Example Island of 271 Basic Info 2 Goods = Fish & Coconuts Factors of Production Land = Island with Coconut palms, Fish off shore Labor = Fishermen, Coconut farmers Capitol = Fishing Equipment, Machetes, Poles Technology = Knowledge of Fishing, Coconuts Entrepreneurship = Management of Fishing, Coconuts Economic Freedom = (varies with system) Economic Equity = (varies with system)
8 Island of 271 Traditional System Government = Tribal 3 Basic Economic Questions What is going gto be produced? (Production) Fish & Coconuts How is it going to be produced? (Distribution) People in Hills Coconut farmers People on Beach Fishermen Who is it going to be produced d for? (Consumption) Divide 2 Coconuts and 1 Fish for everyone Extra to be eaten by Kings friends
9 Island of 271 Command System Government = Executive Committee 3 Basic Economic Questions What is going gto be produced? (Production) Fish & Coconuts How is it going to be produced? (Distribution) Coconuts = quota of 10 a week Fish = quota of 5 a week Who is it going to be produced d for? (Consumption) Divide 2 Coconuts and 1 Fish for everyone who meets quota Those not meeting quota will get ½
10 Island of 271 Market System Government = Democracy 3 Basic Economic Questions What is going gto be produced? (Production) Fish & Coconuts How is it going to be produced? (Distribution) Coconuts = must sell at Market Price Fish = must sell at Market Price Who is it going to be produced d for? (Consumption) Want Fish? Buy Fish at Market Price Want Coconuts? Buy Coconuts at Market Price
11 Island of PPC Fish The Opportunity Cost 2 Coconuts = 1 Fish (Constant Cost Case) Coconuts
12 Build Your Own Society On the Build Your Own Society page, fill in each section to create your own Mixed Economic System Be sure that you complete each section so that your society will survive (you don t want a revolution). Be ready to Present your Economic System to the class.
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