allocation and economic systems
TRANSCRIPT
LET’S FOCUS!
LET’S FOCUS!
EDITORIAL - Rice supply probe
The National Bureau of Investigation is investigating the possible hoarding of rice in Central Visayas in the wake of reports about shortage of supply, especially from the National Food Authority, in the country.
LET’S FOCUS!
NBI-7 acting Regional Director Dominador Cimafranca said they have been going around the region to see if there is indeed rice hoarding. Part of their investigation, which started last week, is to inspect warehouses of both the NFA and private rice distributors in Cebu Province and Central Visayas.
LET’S FOCUS!
The NBI investigation came after the Department of Justice tapped the agency to go after those rice hoarders amid reports of rice shortages across the country, with the Department of Agriculture giving a P250,000 reward to those who can give information on rice hoarders.
LET’S FOCUS!
The Duterte administration assured there is still enough rice in the country. But how come many areas have declared a state of emergency over the past weeks over the lack of rice supply, which has shoved prices to skyrocket?
LET’S ANSWER!
1. What issue is being discussed in the editorial? How did it affect the Filipino consumers? 2. How does the government address this problem? What interventions are being implemented?
ALLOCATION AND ECONOMIC SYSTEMS
Teacher Cheena Lou M. Arriesgado Civics Subject Teacher
WHAT IS AN ECONOMIC SYSTEM?
A structured framework which consists of different institutions and mechanisms that aid in a country’s aim to allocate resources efficiently.
TYPES OF ECONOMIC SYSTEMS
Traditional Economy
Market Economy
CommandEconomy
TRADITIONAL ECONOMY
Oldest type of economic system
Economic decisions are based on customs and traditions
Preservation of culture from one generation to another is the most important consideration
TRADITIONAL ECONOMY
MARKET ECONOMY
Private individuals and organizations make all the decisions
Private ownership of resources
Profit for capitalists and quality and affordable goods and services for the consumers
MARKET ECONOMY
MARKET ECONOMIC SYSTEMS
Feudalism
Mercantilism
Capitalism
The basis of man’s power depends on the
ownership of land.
FEUDALISM
The production in the manor is
sufficient for the needs of the people.
This system weakened when towns
and trade were developed.
FEUDALISM
FEUDALISM
This system prevailed in Europe during 16th-
18th century.
MERCANTILISM
Acquisition of gold and silver is
everyone’s utmost priority.
Metals were considered as the most
precious and used as yardsticks for
power and supremacy.
MERCANTILISM
Based on the Adam Smith’s Laissez Faire
doctrine
CAPITALISM
Private property and profit motives
are the foundation of capitalism.
Also called free enterprise or free
market system
CAPITALISM
COMMAND ECONOMY
State makes all economic decisions
State ownership of all resources except labor
Citizens have equal access to the goods and services that are offered
COMMAND ECONOMY
COMMAND ECONOMIC SYSTEMS
Communism
Socialism
Fascism
“From each of us according to abilities, to
each of us according to needs”.
COMMUNISM
Each person is treated equally and
equitably by the state.
The state controls and owns all
the industries and resources of
the country.
COMMUNISM
Combination of capitalism and
communism
SOCIALISM
Main industries are controlled by the
State.
Individuals are only allowed to own
the small industry
Utopia can be attained if there is
equitable distribution.
SOCIALISM
Resources and industries are controlled
by the State under a dictator
FASCISM
Importation of goods is strictly
prohibited as well as strikes and labor
unions
“The people are for the State, not
the State for the people”.
FASCISM
Help & Support Icons Avatar Icons
Creative Process Icons Performing Arts Icons
Nature Icons
SEO & Marketing Icons
