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- 2. 1) Economics and 2) Economy The study of how people choose to use their limited resources
- 3. Adam Smith Scottish born philosopher and political economist. “Father of modern economics”
- 4. Microeconomics vs. Macroeconomics Micro looks at decisions made by individuals, households, and businesses Macro focuses on
- 5. Economic system A structure of governance that deals with the different economic activities to answer the
- 6. Economic systems ECONOMIC SYSTEMS
- 7. Economic systems TRADITIONAL Economy
- 8. Economic systems ROLES TRADITIONS INDIVIDUAL Decide Society bases EVERYTHING on traditions.
- 9. Traditional Economy EXAMPLE: A farmer engaged in the production of rice did exactly what his father
- 10. Traditional Economy The SOCIETY decides, not the INDIVIDUAL.
- 11. Economic Systems MARKET ECONOMY Feudalism Mercantilism Capitalism
- 12. Market Economy MARKET Arrangement between the SELLERS and the BUYERS to make a TRANSACTION.
- 13. Market Economy Indicator: CONSUMER’S DEMAND HIGH PRICE = In demand = increase production LOW PRICE =
- 14. Economic Systems CAPITALISM
- 15. Capitalism Private Property Profit Motives Foundations: Free Enterprise or Free Market System AKA: Ownership for Production
- 16. Capitalism Ownership of Resources & Wealth “Property is allowed without limitations” Decision-Making “Decision-making is DECENTRALIZED” Pricing
- 17. Economic Systems www.interactive-english.ru
- 18. Command Economy All economic activities are planned by authority.
- 19. Command Economy Government owns and controls all factors for production. Individual preferences are not considered PRINCIPLE:
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