Create a bullet list of why you think the economic systems in the world today are to some degree a mixture of all three systems



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ECONOMICS CHAPTER 2 LESSON 3 NOTES

AUGUST 7, 2013

BELL RINGER

CREATE A BULLET LIST OF WHY YOU THINK THE ECONOMIC SYSTEMS IN THE WORLD TODAY ARE TO SOME DEGREE A MIXTURE OF ALL THREE SYSTEMS.

STANDARDS: 2.3 understand the different major economic systems.

TERMS: MIXED ECONOMY, CONTINUUM, TRANSITIONAL ECONOMY

OBJECTIVES: STUDENTS WILL SEE HOW THE MODELS OF ECONOMIC SYSTEMS DEVELOPED AND HOW THEY ACTUALLY WORK IN THE REAL WORLD. MOST SYSTEMS ARE MIXED BECAUSE THEY CONTAIN ELEMENTS OF MORE THAN ONE ECONOMIC SYSTEM.

REVIEW:


  1. WHAT ARE THE THREE ECONOMIC QUESTIONS THAT ALL ECONOMIES MUST ANSWER WHEN IT COMES TO THE PRODUCTION OF GOODS AND SERVICES?

  2. WHAT ARE THE THREE ECONOMIC SYSTEMS FOUND IN THE WORLD TODAY?

  3. WHAT ARE THE CHARACTERISTICS OF EACH SYSTEM?

  1. TRADITIONAL ECONOMY

  2. COMMAND ECONOMY

  3. MARKET ECONOMY

NOTES:

  1. ECONOMIC SYSTEMS IN THE REAL WORLD

  1. NO COUNTRY HAS A PURE TRADITIONAL, COMMAND OR MARKET ECONOMY.

  2. TO SOME DEGREE, EVERY ECONOMIC SYSTEM TODAY IS A MIXED ECONOMY.

  3. ECONOMISTS PLOT THE RANGE OF DIFFERENT COUNTRIES AS TO THEIR PLACE BETWEEN A PURE COMMAND AND PURE MARKET ECONOMY. THIS LINE IS CALLED A CONTINUUM.

  1. CHANGING ECONOMIES

  1. ECONOMIES CHANGES AND THEY ARE NEVER FIXED.

  2. 1980’S CHINA WAS CLOSE TO A PURE COMMAND ECONOMY BUT TODAY, CHINA HAS ENCOURAGED ELEMENTS OF A MARKET ECONOMY. “QUESTION ON CONTINUUM” NAME SOME ELEMENTS IN CHINA’S ECONOMY THAT REPRESENTS A MARKET ECONONY.

  3. ECONOMIES THAT ARE MOVING ARE CALLED TRANSITIONAL ECONOMIES.

CHAPTER REVIEW

A ____economic system_________________ IS THE WAY A NATION OR SOCIETY USES LIMITED RESOURCES TO SATISFY IS PEOPLE’S UNLIMITED WANTS AND NEEDS.

PRODUCERS SEEK THE MOST __efficient____________ METHOD OF PRODUCTION.

IN A _____traditional economy________________, EACH GENERATION ANSWERS THE BASIC ECONOMIC QUESTION IN THE SAME WAYS THAT GENERATIONS BEFORE DID.

TRADITIONAL ECONOMIES ARE__stable_________ BUT PROVIDE NO INCENTATIVES TO TRY NEW IDEAS.

IN A ____command economy_________________, A CENTRAL AUTHORITY OR GOVERNMENT PROVIDES THE ANSWERS TO THE BASIC ECONOMIC QUESTIONS.

IN A __market economy__________________, THE PEOPLE PROVIDE ANSWERS TO THE THREE BASIC QUESITONS OF ECONOMICS.

A __mixed economy___________________ CONTAINS ELEMENTS OF TRADITIONAL, COMMAND AND MARKET ECONOMICS. MOST ECONOMIES CAN BE PLACED ON A _comtinuum_________________ BETWEEN COMMAND AND MARKET ECONOMIES.



ECONOMIES THAT ARE CHANGING ARE KNOWN AS ___transitional economy_________________________.


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