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