Bellringer # With your group, come up with a definition for the term economy. Types of Economic Systems and Development What is an Economy? Economy: Production or exchange of goods and services by a group Goods: things to be traded, bought, or sold Services: work done in exchange for payment Labor: work force, the workers
Traditional Economy Custom and tradition determine what should be produced Goods and services are exchanged without money; Change and growth proceed very slowly Often there is no private property; things are owned by the family or village Goods and services are produced to meet the
needs of the members of the family/tribe Very little outside trade Also called Barter Command Economy All important economic decisions are made by government leaders, including production of goods and services
Cooperation is supposed to replace competition, allowing everyones needs to be met; goal is to achieve a classless, equal society Citizens can be assigned or strongly encouraged into various employment Private property ownership is abolished and replaced by national ownership of all land, factories, farms, and major resources Also called planned economy or communism Market Economy
Goods and services are determined through supply and demand; individual decisions on what to buy or sell People are free to take part in any business, buy any product, or sell a legal product. Private ownership of businesses and land; private investment The government only provides and enforces a set of common rules, maintains monetary system, and will sometimes break up or regulate companies that could defy market forces Also called free market economy or capitalism
Mixed Economy Combination of command and market economies Mixed amounts of government control and private ownership Example: Canada, most European countries Assignment Traditional Command Economy Economy
What is it? What role do citizens play in economy? Country/ Example Market Economy Mixed Economy Bellringer #15 Make sure to highlight, underline,
circle, and summarize your notes. Comparisons Subsistence Agriculture growing only enough to feed the farmer and his family. There is rarely a surplus so very little is sold or traded. Economic growth is slow. Commercial Agriculture
farmers grow food not just for themselves, but in order to sell it to others for cash. Crop production is intended for distribution to wholesalers and retailers, such as supermarkets and grocery stores. Large scale makes production cheaper. Mechanized Comparisons Cottage Industries
people use their spare time to weave cloth, make furniture and clothes. Producing goods by hand. Help farmers and their families meet their needs and may give them extra income during the winter months. The entire family works together. Commercial Industries
goods are manufactured in factories for sale throughout the country or overseas. Primary Activities Gathering raw materials like natural resources taken from the Earth Examples: mining,
fishing, farming, agriculture, forestry Secondary Activities Manufacturing and Industry Converts raw materials into new products Adding value to raw materials by changing their form Example: food processing, manufacturing, refining Found: near markets to serve customers, where special manufacturing needs can be
met, where the government creates the industry Tertiary Activities Service Industries like business or professional services Example: retail salespeople, doctors, hair stylists, manicurists, health care, banking Quaternary Activities Provide information processing, research, or management by highly
trained professionals Example: store managers, scientists, computer programmer, legal services, professorships Toothpick 1. 2. 3. 4. Wood from tree is manufactured into a toothpick Executive for toothpick Company
wants to create a toothpick that is cheaper to produce and lasts longer Toothpick is advertised (marketed) and sold at H-E-B by a sales employee. Lumberjack chops down the tree Assignment Create an illustration depicting each economic activity. Make sure to label economic activity AND color your pictures. Demographic Indicators
Birth Rate Death Rate Infant Mortality Rate Fertility Rate Life Expectancy The average number of years an individual in a country is expected to live; related to the countrys level of poverty How do these indicators apply to more
and less developed countries? Economic Indicators Economic indicators tell how well an economy is performing More developed countries will have: Higher GDP / GNP Higher per capita income Higher standard of living
More trained professionals such as doctors Workers productivity depends on machinery, computers, and other high-tech tools Average number of technological appliances: automobiles, telephones, televisions, computers Social Indicators Social indicators concentrate on the social services provided by countries for their citizens Some indicators that are considered: Literacy rates (percentage of people who can read and write) Percentage of people attending colleges and universities Number of working professionals
Quantity and quality of housing Water supplies Sanitation Political Indicators Political indicators include: Freedoms people enjoy The degree of democracy and voting rights The level of human rights, The degree of government oppression and, Tolerance for different points of view. There is no direct relationship between economic development and a nations system of government. Some more-developed economies have been ruled by dictators while, Some democracies are less developed
countries. Developed vs. Developing Countries DEVELOPED Also Called Industrialized Why? Form of government (democracy) Free market economy Lack of corruption
More dependent on manufacturing than agriculture Prevalent technology Examples United States Japan Germany France DEVELOPING Also Called Third World
Countries Why? Undeveloped industry Lack modern technology Low levels Education Healthcare Life expectancy Examples Mexico Brazil
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