| Types of Economies | Supply and Demand | Capitalism | Competition | Socialism |
| 10 | 10 | 10 | 10 | 10 |
| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
What type of economy does the U.S. have?
What type of economy does the U.S. have?
Free Market economy; Economis System: Capitalism
Who determines what and how much to be produced in free market economies?
Who determines what and how much to be produced in free market economies?
The Market (sellers and buyers)
Who makes all of the decisions in a command economy?
Who makes all of the decisions in a command economy?
The government/central planners
What 2 types of economies are combined in a mixed economy?
What 2 types of economies are combined in a mixed economy?
Market and Command
How are prices determined in a market economy?
How are prices determined in a market economy?
They are based on supply and demand
What is the Law of Supply?
What is the Law of Supply?
As the price goes up, the quantity of supply goes up OR As the price goes down, the quantity of supply goes down
What is the Law of Demand?
What is the Law of Demand?
As the price goes up, the quantity of demand goes down OR As the price goes down, the quantity of demand goes up
At what point do Supply and Demand intersect?
At what point do Supply and Demand intersect?
Equilibrium point or market price
Why do surpluses occur?
Why do surpluses occur?
The firm is charging too much for their product
If a new diet supplement comes out, and proves to be highly effective, what will most likely happen?
If a new diet supplement comes out, and proves to be highly effective, what will most likely happen?
The demand will increase
Who is the founder of Capitalism?
Who is the founder of Capitalism?
Adam Smith
Capitalism is based on.....?
Capitalism is based on.....?
Free Enterprise/Freedom to establish businesses and make profit
What does the invisible hand mean?
What does the invisible hand mean?
People's desire for self-gain will benfit the entire society/No government intervention
What is the main disadvantage of capitalism?
What is the main disadvantage of capitalism?
Greed and selfish pursuit of profit
What are businesses motivated by in capitalistic systems?
What are businesses motivated by in capitalistic systems?
Profit
What is an oligopoly?
What is an oligopoly?
Market with a few, large firms
How are prices set in a monopoly?
How are prices set in a monopoly?
The company that own the product sets the price
If a grocery buys a dairy farm, what type of merger is that?
If a grocery buys a dairy farm, what type of merger is that?
Vertical Merger
How are prices set in a perfectly competitive market?
How are prices set in a perfectly competitive market?
By supply and demand
Do you think that monopolies are a good idea? Why or why not?
Do you think that monopolies are a good idea? Why or why not?
Socialism is an the example of -------economic system.
Socialism is an the example of -------economic system.
a command based
What is the major concern of socialist systems?
What is the major concern of socialist systems?
Social equality provided by government intervention
What are the major disadvantages of socialism?
What are the major disadvantages of socialism?
lack of entrepreneurship and brain drain and high taxes
What is the basic advantage of socialism?
What is the basic advantage of socialism?
Mostly free government services for the citizens and perception of social equality
What is the difference between capitalism and socialism?
What is the difference between capitalism and socialism?
Capitalism -free enterprise socialism government controlled economy to create social equality
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