Economic Systems

MEETING OUR WANTS AND NEEDS

NEEDS

• Things people MUST have to live

Economic SystemsWorking Definition:

A system that allows people to use resources to fill their wants and needs.

WANTS

• Are things people WOULD LIKE to have but don’t need in order to live.

A person is using the land to provide for their needs.

Examples:1) Hunters shooting deer to eat.

2) People gathering berries to eat.

3) Gathering sticks to make shelter.

Bartering- To trade by exchanging goods or services without using money.

I’ll give you this for that.

Examples of bartering:

1: A person may give you a chicken if you mow their lawn.

2: I will give you a Twizzler if you give me a KitKat.

Market Economy

Examples: United States, video game manufacturers like Xbox and Playstation

and retail stores like Hollister, and Gap.

Market Economy- Businesses and industries produce and sell their goods for money. It’s a competition between the stores. If one store doesn’t get any customers, they may go out of business. It’s all about buying goods from others based on what the people want and are willing to spend for it.

Definition: An economy in which companies and individauls make economic decisions along with regulations and guidelines from the government

Examples: Ford designing a new car but the government requiring it to be safe on the road with airbags and seat belts, U.S.A and toy manufactures.

COMMAND ECONOMY Working Definition:The government tries to ensure that the country has

everything they need with little or no input from the citizens about what they would like.

The government decides:• What products are manufactured• What price it will be sold• Most command countries do not have a lot of variety or

choices of goods to choose from.

This type of economy provides jobs in manufacturing, helps the government control country resources and set quality standards.

Examples: North Korea and Cuba.

GOVERNMENT

Working definition:

1. The system that provides political direction, laws, safety, policy and control over the people living in a particular country.

Examples: Democratic Republic, Monarch and Dictatorship

Person Voting

Types of Governments

Presidents of the U.S.A

COMMUNISM

• A system of government where a single party holds the power.

• State controls majority of the economic and government decisions.

• Government provides for all citizens creating a classless society.

Examples: China, Cuba and North Korea

Places in red are current communist governments

Former Communist Leaders

Communist China’s Flag

Working Definition:Government where the people hold the running power either directly or

through elective representatives.

EX:

Voting, Campaigning,

People have a say

Dictatorship- A country, government, or form of government in which absolute power is exercised by the person in charged. The person in charged is called a dictator. Usually control is maintained by force.

Kim Jong ll the North Korean dictator

Adolf Hitler the Nazi German dictator from 1933-1945

Fidel Castro the Cuban dictator

Anarchy: Chaos within a community due to absence of

government or law.

Examples: Somalia, French Revolution, Spain Civil War in 1936

Constitutional Monarchy

Working definition:

A system of government in which a monarchy is guided by a constitution where the parliament makes the decision, and are spelled out in written laws or by customs. The king and queen only make the minimal decisions regarding the countries policy.

•The United Kingdom-There is a prime Minster and the parliament in the UK. The king and queen are figure heads and they are mainly there to approve and carry out ceremonies.

•Canada •Japan

Absolute Monarchy is a form of government in which the monarch (King or Queen) is the head of authority and their powers ARE NOT limited. Power is passed down from generation to generation.

Ex: Oman, Qatar & Saudi Arabia

Emily Mukh, Noelle Sweely, Hannah Chiappine, Andrew Cardinali

King Abdullah bin Adulaziz of Saudi Arabia

Mswati III, King of Swaziland