Economic Systems by zachary.torgerson

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Slide Notes

Economic Systems

Published on Nov 18, 2015

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PRESENTATION OUTLINE

Unitary Government
Benefits - more efficient use of tax dollars, smaller government, simpler management of an economy.
Drawbacks - slow in meeting local problems, government out of touch with local concerns.

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Federal Government
Benefits - more opportunities for citizens to participate in decision making, local governments, free to form policies. Drawbacks - conflict of authority, corruption, uneven distribution of wealth.
Economy - market

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Confederation
Benefits - Keeps power at local levels, Minimizes growth of a central government. drawbacks - lack of unity and common laws, weak central government makes it no able to enforce laws or collect taxes.

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Autocracy
Benefits - total control, quick decisions, close watch on citizens. Drawbacks - employees are expected to obey orders without receiving an explanation, the autocracy environment can sometimes create an environment of resentment and fear.
Economy - command

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Democracy
Benefits - protects the interest of citizens, promotes equality, promotes change. Drawbacks - misuse of time and public funds, wrong choice not all citizens know what the political circumstances are.

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Oligarchy Government
Benefits - anybody can be elected, decisions made quickly. Drawbacks - no freedom of speech, the people don't have any say in who's in charge, people can be born into their position.

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Traditional - is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates.

Command - an economy in which production, investment, prices, and incomes are determined centrally by a government.

Market - A economy in which decisions regarding investment, production and distribution are based on supply and demand

Mixed - an economic system combining private and public enterprise.

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Traditional
Pros - It doesn’t waste the resources for the services and goods that people need every day.
Everybody is employed in certain activities. With full employ there will be little to no criminal activity.

Cons - because of poor productivity, people will have lower living standards that other economies have.
They can change methods that people follow from relatives whenever they want.

Command
Pros - They use economic resources wisely.
Can prevent monopoly power abuse.

Cons - It has problems producing the right exports.
Difficulty in obtaining information about the needs of consumers.

Market
Pros - Efficiency, economic development.
Cons - Cost, wealth is uneven

Mixed
Pros - Lessens amount of government control. Allows government regulation in areas with market failure
Cons - Socialists don't agree with economy type.Hard to identify when the government needs to intervene.

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