economics chapter 2 section 1 economic systems and decision making name that system!
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Economics CHAPTER 2 Section 1 economic systems and decision making Name that System!. Determine for each slide whether the economic system being illustrated is Traditional OR Command OR Market. 1. Actions in this type of economy relate to ritual, habit and custom. - PowerPoint PPT PresentationTRANSCRIPT
EconomicsCHAPTER 2Section 1
economic systems and decision making
Name that System!
Determine for each slide
whether the economic system
being illustrated is
Traditional
OR
Command
OR
Market
1. Actions in this type of economy relate to ritual,
habit and custom.
TRADITIONAL ECONOMY
2. A strength of this type of economy is its
ability to rapidly change in a short
period of time
COMMAND ECONOMY
3. A weakness of this economy is its failure to
provide for the weak, the sick, the old and the very young who cannot
be productive
Market economy
4. Name a stable, predictable and
continuous economic system
TRADITIONAL ECONOMY
5. This economic system does not meet the needs
and wants of citizens because the central authority makes all
decisions, rather than the individual
COMMAND ECONOMY
6. This economic system
discourages new ideas or change
TRADITIONAL ECONOMY
7. This economic system provides a high degree
of consumer satisfaction because individuals make most of the
decisions
Market economy
8. This economic system offers a
variety of goods and services because new ideas are encouraged
Market economy
9. This economic system lacks incentive for
individuals because a central authority
controls the factors of production; there is no
private property
COMMAND ECONOMY
10. This economic system has a
notable lack of government interference
Market economy
11. Which system would Adam Smith support?
Market economy
12. Which system would Adam Smith most disagree with because of Laissez-Faire?
COMMAND ECONOMY
13. “WE COULD SELL OUR PRODUCTS FOR PERSONAL PROFIT IN WHICH
SYSTEM?” - - Name that system!
Market economy
14. “Our grandmothers taught us to weave, and we have taught our daughters.” - Name that system!
TRADITIONAL ECONOMY
15. “We slaughter the hogs because the government tells us to. I hate this job. I’d rather be a carpenter.” -
Name that system!
COMMAND ECONOMY
16. “We slaughter hogs better than any of our competitors!” -
Name that system!
Market economy
17. “We’ve been quilting for our community for decades. We’re very talented.” –
Name that system!
TRADITIONAL ECONOMY
18. “I really hate quilting. I wish I could go fishing instead, but girls don’t fish in our community.” –
Name that system!
TRADITIONAL ECONOMY
19. “We wait for the government to give us rations of meat, but there is never enough.” – Name that System!
COMMAND ECONOMY
20. “People who cannot work are not rewarded in this system.” – Name that
system!
Market economy
21. “Goods are moving in and out of our country every day because of consumer
demand.” – Name that System!
Market economy