economic market systems i can explain the production, distribution and consumption of goods and...
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Economic Market Systems
I can explain the production, distribution and consumption of goods and services in economy.
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Learning Target
▪I can explain the production, distribution and consumption of goods and services in economy.
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Command Economy
▪Controlled by the government▪Government decided what is produced▪Central authority sets the prices of goods and services
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Developing Economy
▪Not yet industrialized▪Still developing
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Traditional Economy
▪Most people earn their living based on the tradition of their family and the area.
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Market Economy
•Private ownership•Private ownership decides what gets produced•Supply and Demand determines the price of products
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Mixed Economy
Is a mixture of one or more economic systems.
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Where do we find these types of
economies?
Command
Developing
Traditional
Market
North KoreaCuba
ChadIndiaSomaliaBangledesh
VietnamIndonesia
United StatesGermanyGreat Britian
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Your Mission…
▪ Create a postage stamp for each individual system.
▪ The stamp should be colorful and creative.
▪ All art should reflect the characteristics of each system.
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