economic market systems i can explain the production, distribution and consumption of goods and...

Economic Market Systems

I can explain the production, distribution and consumption of goods and services in economy.

Learning Target

▪I can explain the production, distribution and consumption of goods and services in economy.

Command Economy

▪Controlled by the government▪Government decided what is produced▪Central authority sets the prices of goods and services

Developing Economy

▪Not yet industrialized▪Still developing

Traditional Economy

▪Most people earn their living based on the tradition of their family and the area.

Market Economy

•Private ownership•Private ownership decides what gets produced•Supply and Demand determines the price of products

Mixed Economy

Is a mixture of one or more economic systems.

Where do we find these types of

economies?

Command

Developing

Traditional

Market

North KoreaCuba

ChadIndiaSomaliaBangledesh

VietnamIndonesia

United StatesGermanyGreat Britian

Your Mission…

▪ Create a postage stamp for each individual system.

▪ The stamp should be colorful and creative.

▪ All art should reflect the characteristics of each system.