Section A And C
Published on Dec 02, 2015
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PRESENTATION OUTLINE
ECONOMIES
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Market Economy
In a market economy, national and state governments play a minor role. Instead, consumers and their buying decisions drive the economy.
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Market Economy
Benefits: The market gives producers an incentive to produce goods that consumers want.The market provides an incentive to acquire useful skills.
Drawbacks: A private market economy may be quite unstable (unemployment, inflation, growth). Monopolistic industries may restrict output and drive up prices.
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Planned Economy
A planned economy is also sometimes called a command economy. The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government.
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Planned Economy
Benefits: With a planned economy the prices are kept under control. There is less inequality of wealth.
Drawbacks: Some drawbacks are a lot of time and money is wasted in communicating instructions from the government to the firms.
Lack of profit motive may lead to firms being inefficient.
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Mixed Economy
A mixed economy combines elements of both the planned and the market economies in one cohesive system. This means that certain features from both market and planned economic systems are taken to form this type of economy.
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Mixed Economy
Benefits: Mixed economies allow many more freedoms than command economies, such as the freedom to possess the means of production; to participate in managerial decisions; to buy, sell, fire, and hire as needed; and for employees to organize and protest peacefully. The ideal combination of these freedoms and restrictions is meant to ensure the maximum standard of living for the population as a whole.
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Mixed Economy
Drawbacks: One drawback of a mixed economies is that they tend to lean more toward government control and less toward individual freedoms. Some critics of contemporary social democracy argue that when social democracy abandoned Marxism it also abandoned socialism and has become, in effect, a liberal capitalist movement.
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Autocracy
A political power which is self appointed.
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Autocracy
Benefits: It is fast. It is helpful when critical decisions need to be made.
Drawbacks: The thoughts of people are not considered. The military is used when people protest.
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Direct Democracy
The people vote for everything.
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Direct Democracy
Benefits: All the citizens have equal power in the matter of government. The citizens are really supportive and loyal.
Drawbacks: Democracy only works in small numbers. It is time consuming because of all the decision making.
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Representative Democracy
People pick the government.
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Representative Democracy
Benefits: The people have the power. The people elect officials to represent them.
Drawbacks: Making decisions is time consuming. The representatives may not always agree.
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Parliamentary Democracy
Benefits: Quicker legislative action. Prime Minister is accountable for the parliament.
Drawbacks: Close connection between the executive and legislative branches. There is less protection.
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Anarchy
There is not any government.
Anarchy
Benefits: There are no benefits.
Drawbacks: Anarchy's drawbacks are they are disordered, there is corruption, and warfare.
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Republic
Benefits: Separation of power. Direct election of president.
Drawbacks: Divided government causes more disagreement. Makes it difficult to pass policies.
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Oligarchy
A form of government in which power effectively rests with a small elite segment of society distinguished by royal, wealth, intellectual, family, military.
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Oligarchy
Benefits: Anyone can be elected, including women. Meet every week of month to discuss things.
Drawbacks: A small group exercises control.
Sometimes people may be elected or born into their position.
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Monarchy
A form of government in which supreme power is absolutely or nominally lodged with and individual.
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Monarchy
Benedits: A king, pharaoh, or emperor who supports the public. Can liberate a small country.
Drawbacks: Are born into it even if they are not fit. Monarchs choices have to be done even if they are bad.
Photo by karen horton
Sources
"The Role of Price Mechanism in a Free Market Economy or Capitalism." YourArticleLibrarycom The Next Generation Library. Web. 8 Dec. 2014. .
"Economy Watch - Follow The Money." Economic Systems. Web. 8 Dec. 2014.
"Planned Economy | Features, Advantages and Disadvantages." Planned Economy | Features, Advantages and Disadvantages. Web. 8 Dec. 2014.
"List of Forms of Government." - RationalWiki. Web. 8 Dec. 2014.
Web. 8 Dec. 2014. .
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