Economic Systems
Published on Nov 22, 2015
No Description
MORE DECKS TO EXPLORE
PRESENTATION OUTLINE
Definition of an economic system: System of production, distribution, and consumption of products within a nation.
Photo by Alex E. Proimos
Market economy: System where prices and wages are determined by supply and demand of the product
Photo by bradleygee
Example of a Market Economy: The United States. Prices of products and wages of workers are changed only if the demand of the product provided is to change.
efjnwvekjnfrnweriunvweinrgvnwfvbnwrtbkj
Photo by trustypics
Command economy: System where prices and wages to workers depend entirely on the government.
Photo by Abode of Chaos
Example of a command economy: North Korea. In a country where everything is run by the government, it's not surprising that it would have total power over the peoples' money as well.
Photo by m.joedicke
Traditional economy: System where customs, traditions and beliefs determine the goods and services provided.
Photo by Poldavo (Alex)
Example of a traditional economy: Guatemala. They sell products mostly in outdoor markets. Usually private sales people. Normally, products will be native to their country.
Photo by amslerPIX
Mixed economy: System that has both private enterprise and some government control.
Photo by j.reed
Example of a Mixed Economy: The United States. Although mentioned as a Market economy, the U.S. is also considered a Mixed because of it's element of government control.
Photo by francisco.j.gonzalez
