Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Night Project Slideshow | Schoolx
O Ahmad Awadallah - Night Projec x
very/start/47388160537action=onresume&submissionid%-D455861284
6
Schoology
LCONONTIICS TESL HI IVI
Drag and drop the answer to the correct box.
Traditional economy Free enterprise or
Communist or
Types of
Economic Systems or
Socialist or
Market economy or
economy
economy
economy
Who owns
land
business
property?
owners own land,
factories, etc. (could
inherit)
Owns all factors of
production - land,
factories, machines
(for the people)
Ex. Electricity, public
transportation,
Nationalized industry.
Motive
- goal is to feed
family, possible small
surplus to buy/
exchange for needs.
(Revenues>costs)
Entrepreneurs invest
to achieve this goal
(classless society)
of capitalism
To preserve
Role of
Chief/ elders allocate
lands based on needs
To reduce poverty and
inequality of free
market
Make all economic
government
decisions,
(otherwise hands off
or leave alone)
Mostly
What determines (exchanging goods/
services)
Limited trade, little
surplus, few markets
Supply & demand AND
Government subsidies
(health, education,
Government:
necessities prices
set artificially low;
luxuries expensive /
price?
determine price in a
free market.
transport etc)
unavailable
Determined by
Wages determined
by market.
Tradition based
Market AND welfare
Who gets what?
government: causes
state
To a certain extent all
Only small, isolated,
Examples:
economies
Most countries
are Mixed economies:
communities in places (developed to
developing)
but esp. Sweden
like the Amazon
# Capitalism
: Command
: Subsistence
: Mixed
13
14
15
16
17
18
19
20
Next
11
12
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Transcribed Image Text:Night Project Slideshow | Schoolx O Ahmad Awadallah - Night Projec x very/start/47388160537action=onresume&submissionid%-D455861284 6 Schoology LCONONTIICS TESL HI IVI Drag and drop the answer to the correct box. Traditional economy Free enterprise or Communist or Types of Economic Systems or Socialist or Market economy or economy economy economy Who owns land business property? owners own land, factories, etc. (could inherit) Owns all factors of production - land, factories, machines (for the people) Ex. Electricity, public transportation, Nationalized industry. Motive - goal is to feed family, possible small surplus to buy/ exchange for needs. (Revenues>costs) Entrepreneurs invest to achieve this goal (classless society) of capitalism To preserve Role of Chief/ elders allocate lands based on needs To reduce poverty and inequality of free market Make all economic government decisions, (otherwise hands off or leave alone) Mostly What determines (exchanging goods/ services) Limited trade, little surplus, few markets Supply & demand AND Government subsidies (health, education, Government: necessities prices set artificially low; luxuries expensive / price? determine price in a free market. transport etc) unavailable Determined by Wages determined by market. Tradition based Market AND welfare Who gets what? government: causes state To a certain extent all Only small, isolated, Examples: economies Most countries are Mixed economies: communities in places (developed to developing) but esp. Sweden like the Amazon # Capitalism : Command : Subsistence : Mixed 13 14 15 16 17 18 19 20 Next 11 12
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Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax