Economics and Politics

The study of how people make decisions in a world where wants are unlimited and resources are limited

• Politics

• Economics

• Democracy

• Supply and Demand

An economic system where custom dictates economic choices

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which economic decisions are centered toward the family, tribe, or ethnic group.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which the individuals compete for profits based on supply and demand.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which individuals make their own decisions based on their needs and wants

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which the government makes all decisions with little input from individuals.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which the government owns the resources and there is very little competition in the marketplace.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

An economic system in which the government serves to protect producers and consumers by regulating industry, but not controlling industry

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Select the advantages of a market economy

• Competition Brings downs Prices

• Consumers have more choices

• There is a focus on equity

• wealth is equally distributed

Select the advantages of a command economy

• Competition Brings downs Prices

• Consumers have more choices

• There is a focus on equity

• wealth is equally distributed