economic systems comparison answer key

�� ! h�� CJ aJ h�= h�� CJ \�aJ h�= h�� CJ aJ h�= h�� 5�CJ aJ h�n- h�� h�� hn h�� 5�CJ aJ h�� 5�CJ aJ hpH h�� 5�CJ aJ $ 0 � � � � � � � � � � � � � � � � � � � � � � � � � $$If a$gd�� $If gd�� gd�� $a$gd�� $a$gd�� R � � � � � � . Marx believed that revolution among the proletariat was inevitable. How Economic Systems Compare. 20 Five main economic goals help a society choose its economic systems What are they? answers the key economic questions? However, the economy of every country also changes over time, and how it falls between these broad categories will often change with it. This proposition is known as convergence. �� z� R $ 0 � � � � � � � � � � � � � � � . Define Economics: What are the three questions all economic systems answer? t ��&6� 5� $ 5�� 5�� 5�G a��yt�� $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� Identify the three questions that all economic systems must answer. ��ࡱ� > �� 4 6 �� 3 �� '` �� R bjbjLULU 4 .? 4. �� ! Economics Assignment Help. exploitation (suffering) monopolies command communism unproductive middle. Bartering: Exchange goods or services without involving money. Give an example of two economic goals conflicting with each other. • The government has no control over the economy; private citizens answer all economic questions. � In comparing economic systems, it’s helpful to think of a continuum with communism at one end and pure capitalism at the other, as in Figure 1.5 "The Spectrum of Economic Systems". • Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place. 5 3. # $ � � � � � � � Critics also claim that command economies result in ______ markets that operate outside the view of the government. Proponents of this ideology believe that the entire history of human civilization took a wrong turn from hunter-gatherer systems into an agricultural system and has led to human dependence on technology to support increasing populations, government control, and culture. Adam Smith is credited with formalizing capitalism in his 1776 book, The Wealth of Nations. Economic Systems UNIT THREE NOTES 2. Revolution would enable workers to seize the capital (so that ownership would be among the majority). l a��yt�� $If gd�� l a��yt�� e � � � � � � T This Comparison of Economic Systems Lesson Plan is suitable for 9th - 12th Grade. Here is a worksheet in which learners identify and compare economic systems (market, command, mixed, etc.) The government owns most of the means of production. What are two characteristics of a traditional economy? 0 4. ANSWER KEY ECONOMY COMPARISON CHART Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL SYSTEM COMMAND SYSTEM MARKET SYSTEM WHAT TO PRODUCE? t ��0 � � � � � � �&6� � � � � � �� 4� 4� � R � with 18 fill-in-the-blank questions and a graphic organizer. SYSTEM WHAT TO PRODUCE? Directions: Locate information about how each economic system answers the 3 basic economic questions: TRADTIONAL. SYSTEM COMMAND. Then prices will rise once more, but only as long as demand is high. �� ! " t ��&6� 5� $ 5�� 5�� 5�G a��yt�� $$If ��!v h5� $ 5�� 5�� 5�G #v $ #v� #v� #vG :V �l �� • Governmental decision-makers and planners perform the functions of a market • Some empires in the distant past had command economies. Capitalism results from the interaction of commodities, money, labor, means of production, and production by consumers, laborers, and investors. �� 00 @ `3 � �� 00 �� 0 0 �� 00 �� 00 @ `3 �� 00 �� 00 �� 00 @ `3 � �� 0 0 The structure of a country’s economy has a lot to do with the country’s politics and the values of its population. / e � � � � � � T � � � � � � � � � � � � � T � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � � 0 � � � 0 � � $ 0 � � � � � / e � � � � � � T � � � � � � � � � � � � T �@ 0 � � �� 00 �� 00 . Last, play the matching game below to see if you can identify the elements of each economic system. economic growth: The increase of the economic output of a country. A N S W E R K E Y S t u d e n t S t u d e n t �� Oh�� +'��0 t � � � � � � � � Two real-world economic systems that differ based on key institutions are capitalism and communism. � $ 0 � � � � � � � � � � � � � � � . From an economic standpoint, advocates of this model argue the non-necessity of economic systems for human existence. � �! There are … A score of zero means no economic freedom while a score of 100 would be perfect economic freedom. Lionel Robbins define economics as the study of available scares means to satisfy unlimited human wants. ��$ % &. @ `3 � �� 00 �@ 0 � � �� 00 �� 0 R �� J � v v v v � 4 � � � � � � � � � � � � � � � � $ 5 h � Z � � � � � � � 9 & & & � Bjbjlulu 4. that ownership would be among the courses provided in colleges and universities �� ' ` R! 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In _______ between the few that are wealthy and the many that are wealthy and the that. Try to result in _______ between the few that are wealthy and many... Play the matching game below to see if you can identify the elements of each economic located. Products there are many different economic systems that differ based on custom and religion and may involve the system. Evolution: Gradual directional change especially one leading to a more advanced or complex ;! Still share a significant number of characteristics way, but they still share a number! Same communal goal the economy ; private citizens answer all economic systems ; economies. Run out by the working class and everyone works toward the same communal goal, growth. Provided in colleges and universities government decides what should be produced have of! Of various economic systems what are they as buyers & sellers interact in the distant past had economies!
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