Economic System Symposium
This type of economy is based on custom and has been operating the same for years
Hunting and gathering
Jobs assigned along gender roles
Traditional Economy
This person is known as the father of modern economics
"Free market philosopher"
Adam Smith
This type of economic system tries to distribute wealth evenly through democratic means
Socialism
Freedom from government intervention on the production and distribution of goods and services
Economic Freedom
This type of economic system is characterized by total government control over politics and the economy
usually arises through revolution
Communism
The self regulating nature of the market place
The invisible hand
Soviet owned farms leased to peasants
Collectives
Assurance that goods and services will be available, payments will be made on time, and a safety net will protect individuals in times of economic disasters
Economic Security and Stability
What are the three key economic questions? Single words are fine
What are we making
How are we making it
Who gets it
What is the motivation of the free market?
self interest
requires a large capital investment and produces items used in other industries
Heavy Industry
Fair distribution of wealth
Economic Equity
This economic system is characterized by self regulation and consumer sovereignty
Free Market System
Why do markets exist?
No one is self sufficient
Ruler of the Soviet Union who instituted his 5 year plans
Joseph Stalin
Innovation leads to economic growth, and economic growth leads to a higher standard of living
Economic Growth and Innovation
China, the United States of America, and France are all examples of this kind of economic system
Mixed Economy
Why is it hard for a totally free market system to exist?
The market can not account for everything
Which country is totally centrally planned today?
NONE
Level of economic prosperity
Helped by economic growth and innovation
Standard of Living