Chapter one part two

Jordan MayEconomic Decisions and Systems

What city should I live in?

•I can’t decide if I want to live in Raleigh or Chapel Hill •Raleigh has more jobs but is bigger•Chapel Hill is smaller but I might have a longer commute to work•I chose Chapel Hill because I like small towns better than I think the little gas I will save will matter

What college should I go to?

• I can’t decide if I want to go to UNC or wake tech for college

• If I choose UNC the school is good but it is so expensive

• Wake tech is less expensive but they don’t offer a masters program

• I chose UNC because I think a masters degree is more important than the money I save

The decision making process(job or college)

1. Define the problem-2. Identify the choices-get a job or go to college3. Evaluate the advantages and disadvantages4. Choose one5. Act on your choice6. Review your choice

Fly or drive?1. How can I get to Florida2. Flying and driving3. Flying is expensive and fast but driving is

inexpensive and takes a little longer4. I will drive because then I have more to spend

in Florida5. I drove6. It was a good choice to drive and I had a great

time in Florida

Command economy

• the resources are owned and controlled by the government

• China is a command • Good because it is run smoothly• Bad because people could slack off

Market economy

• Recourses are owned and controlled by the people

• Canada is a marked economy • Consumers get to “vote" with their dollar• Some businesses don’t succeed

Capitalism

• The resources are owned and controlled by the people individually.

• The USA is a capitalist country• Good because people are free to choose

weather they want something or not• Bad because everything is based on what the

people choose

communist

• an economy where the government owns everything and dishes it out to all the people

• One communist country is North Korea• Good because everyone is equal but the

government• Bad because nobody has to do anything to

earn what they have