Different types of economic systems

Chapter 1 Understanding the U.S. Business System

Outline ,[object Object],[object Object],[object Object],[object Object]

The Concept of Business and the Concept of Profit ,[object Object],[object Object],[object Object],[object Object]

Economic Systems Around the World ,[object Object],[object Object]

Factors of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Factors of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Types of Economic Systems ,[object Object],[object Object],[object Object],[object Object]

Planned Economies ,[object Object],[object Object],[object Object],[object Object]

Market Economies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

“ Pure Market Economy” 1- OUTPUT MARKETS Goods Services INPUT MARKETS Labor Capital Entrepreneurs Physical Resources Information Resources HOUSEHOLDS ,[object Object],[object Object],FIRMS ,[object Object],[object Object],DEMAND DEMAND SUPPLY SUPPLY

Mixed Market Economies ,[object Object],[object Object],[object Object],[object Object],Economic system featuring characteristics of both planned and market economies

The U.S. Economic System ,[object Object]

Markets, Demand, & Supply ,[object Object],[object Object],[object Object],[object Object]

The Laws of Demand & Supply ,[object Object],[object Object],[object Object],[object Object]

The Laws of Demand & Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Demand & Supply 1- 1- Demand and Supply Schedules Quantity of Quantity of Price Pizzas Demanded Pizzas Supplied $2 2000 100 $4 1900 400 $6 1600 600 $8 1200 800 $10 1000 1000 $12 800 1200 $14 600 1300 $16 400 1600 $18 200 1800 $20 100 2000

Demand & Supply Quantity of Pizzas Demanded Price of Pizzas Demand Curve   1- 1- 200 - 400 - 600 - 800 - 1000 - 1200 - 1400 - 1600 - 1800 - 2000 - $20 - 18 - 16 - 14 - 12 - 10 - 8 - 6 - 4 - 2 -

Demand & Supply Quantity of Pizzas Supplied Supply Curve   1- 1- 200 - 400 - 600 - 800 - 1000 - 1200 - 1400 - 1600 - 1800 - 2000 - $20 - 18 - 16 - 14 - 12 - 10 - 8 - 6 - 4 - 2 - Price of Pizzas

Demand & Supply Quantity of Pizzas per Week Demand Curve Supply Curve Equilibrium Price  1- 1- 200 - 400 - 600 - 800 - 1000 - 1200 - 1400 - 1600 - 1800 - 2000 - $20 - 18 - 16 - 14 - 12 - 10 - 8 - 6 - 4 - 2 - Price of Pizzas

Private Enterprise Economic system that allows individuals to pursue their own interests without undue governmental restriction ,[object Object],[object Object],[object Object],[object Object],[object Object]

Private Enterprise ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Degrees of Competition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Degrees of Competition ,[object Object],[object Object],[object Object],[object Object]

Evaluating Economic Systems ,[object Object],[object Object],[object Object],[object Object]

Economic Goals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Assessing Economic Performance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Assessing Economic Performance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Managing the U.S. Economy ,[object Object],[object Object],[object Object],[object Object]

The Global Economy in the 21st Century ,[object Object],What forces will drive the economy for the next decade?

Three Major Forces ,[object Object],[object Object],[object Object]

Projected Trends & Patterns ,[object Object],[object Object],[object Object],[object Object]

Different types of economic systems

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