Traditional Economy
What role do tribal elders or chiefs play in traditional economics, and how does it influence economic decisions?
Tribal elders are pivotal in traditional economics as they guide economic decisions based in cultural practices and commual needs.
The goal of a market economy is to maximize what?
Profit and economic growth
In a command/communist economy, who controls decisions and production?
The Government
What is Capitalism and Socialism?
Capitalism: Economic system based on private ownership and free markets.
Socialism: System where government and individuals share control of the economy
Who killed Alexander Hamilton?
Aaron Burr
What is the a major disadvantage of a traditional economy?
It discourages change and new technology
The cons of a market economy are
inequality and the exploitation of work force
What is the main goal of a communist/command economy?
To have a classless, equal society
What are the Pros of Capitalism and Socialism?
Capitalism: Encourages innovation and efficiency, individual freedom of choice
Socialism: Reduces wealth inequality, Provides safety nets( healthcare, education)
Does Hamilton ever become president (Was he ever president)?
No
What are the advantages of a traditional economy in contemporary society?
Strong community ties and sustainable practices rooted in local customs.
They key principals of market economy are ____, ____,
And ____.
Private property, competition, prices being set by supply and demand
Name a country that has a command/communist economy.
North Korea or Cuba
Compare Socialism and Capitalism
Capitalism:individuals own businesses and free markets dictate prices
Socialism: Government or public owns major industries, prioritizing equal wealth distribution and social welfare
What dollar bill is Hamilton on?
The 10 dollar bill.
How does this strict occupational inheritance ensure stability for the community, but what the limitations and potential consequences for both the daughter and the village's economy ?
in an isolated, agrarian village, social roles and occupations are strictly dictated by ancestry.
What does it mean for the government to be decentralized
the government has little influence over the peoples economic influence
Name one pro and one con of a command/communist economy.
Pros: No social classes or everyone's basic needs are met
Cons: Lack of personal incentives or inefficient
A city's public transit system suffers from long delays, but private ride sharing apps are too expensive for low income residents. Should the city fully nationalize all ride sharing services to guarantee free, equal transports for everyone, even if it requires raising local taxes?
yes, the city should nationalize the services to guarantee transportation as a public good
What are the names of the Schuyler sisters?
Peggy, Angelica, and Eliza.
In what ways does the reliance on bartering in traditional economics impact the standard of living?
Can limit the variety and availability of goods, and transactions depend on mutual needs rather than monetary exchange.
USA JAPAN UK
(there can be others)
What are the 3 key principals of a command/communist economy?
No private properties, central planning by the state, and wealth shared equally.
Key industries run by state, other businesses can be privately owned, redistribution of wealth through taxes
How many total songs are there in Hamilton?
46 Songs