Download - Economic Systems!
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ECONOMIC SYSTEMS!
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TRADITIONAL ECONOMIES
•Found in rural, non-developed countries (Asia, Africa, South America & Middle East)
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•No technology
•Farming, hunting & gathering
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MARKET ECONOMIES•based on supply & demand•Resources owned & controlled by individuals who compete to earn profits
•AKA Capitalism
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•Competition among businesses determines price & increases quality of product
•US & Japan
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COMMAND ECONOMIES
•Government makes decisions & determines how resources will be used
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•Little freedom •no competition•No choices
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Shortages common (due to poorly run factories & farms)
•Govt sets prices of goods/ services
•Govt decides jobs
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•Examples: Cuba,N. Korea, China & old USSR
•AKA Communism
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MIXED ECONOMIES
•Govt & individuals share decision making process
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1. Govt regulates production of goods
2. Govt provides goods & services
3. Govt protects consumers & workers from unfair policies
•Individuals own means of production
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MIXED ECONOMIES
•CANADA & most of W. Europe
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FOUR FACTORS OF PRODUCTION
•Capital: (money to invest)
•Entrepreneurship: (those who open/invest
in business) •Land •labor
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Business In the US 1.Anyone can open a
business2. Owners predict what
consumers will buy & at what prices.
3.Consumers have choices4.Owners will produce a
product if they make a profit.
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OTHER TERMS•Tariff- tax on trade•Quotas- set limit/amount of items imported/exported
•Private property- owned by citizens, not govt
•Infrastructure- schools, building, bridges, roads, airports, etc
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•Improved communication & transportation have made world smaller. (email, planes)
•Globalization- Companies sell products & hire workers all
over world
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•Product availability- reach markets faster & easier
•Security- as people & info move freely abt world, security faces major challenge
•Flow of info-internet & TV allow people all over world to see events
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GOVERNMENTS
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•SUFFRAGE: The right to vote
•Universal Suffrage: all can
vote
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DICTATORSHIP•1 strong ruler controls all govt powers
•Use fear, force. •No individual involvement
•Often after military victories
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•Decisions made quickly•Cuba, Iraq
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Democracy•People rule, directly or through
elected reps.People can vote or run for office
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THE BRANCHES•EXECUTIVE: Enforces or carries out the law. Ex. President,
•LEGISLATIVE: Creates, writes, passes the law. Ex. US Congress
•JUDICIAL: interprets the law. Supreme Court
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PRESIDENTIAL DEMOCRACY•Elect executive,
legislative & judicial members to represent the citizens
•Executive (president) elected by the people
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Legislative jobs carried out through elected group of reps (Congress)
Allows for participation of the people
•Rights & freedoms guaranteed.
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Executive
Legislative
Judicial
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PARLIAMENTARY DEMOCRACY
•Similar to presidential.•Difference is EXECUTIVE branch (Prime Minister) is elected by Legislative branch (Parliament)
•Legislative elected by people
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•Example: Great Britain
•Allows ind participation & rights & freedoms guaranteed
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ABSOLUTE MONARCHY•One hereditary ruler (King or Queen) controls ALL govt powers
•No individual participation
• (Swaziland, Liechtenstein, Saudi Arabia)
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CONSTITUTIONAL CONSTITUTIONAL MONARCHYMONARCHY
1. Powers of king/queen limited
2. Share power w/elected group of representatives & a constitution3. People vote &run for office
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THEOCRACY•Govt headed by a religious leader who leads according to beliefs of 1 religion.
•Little individual participation
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Monarchy:
Constitutional Monarchy
Traditional Monarchy Absolute MonarchyRepublics: Democracy Restricted Democratic
PracticeAuthoritarian
RegimeTotalitarian RegimeNon-
Sovereign:Protectorate Colonial Dependency Empire
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SOURCES•Document, organization, or person that supplies info
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•Reliable source: dependable with a reputation for accuracy. Ex. Report by a
university
•Credible source- reasonable. Matches other info about same topic
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•Primary source: document or record or written account created by a person who took part in or witnessed an event. Anne Frank’s diary
•Secondary Source: written account created by a person who was not a
participant written some time after event