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Economic Systems презентация
Содержание
- 1. Economic Systems
- 2. Economic Systems Why
- 3. Objectives Economic Questions
- 4. Economic Questions and Economic Systems
- 5. Three Economic Questions All economies
- 6. Economic System An economic system is
- 7. Pure Market Economy All resources are
- 8. Invisible Hand of Markets According to
- 9. Problems with Pure Market Economies
- 10. Pure Centrally Planned Economy All
- 11. Problems with Centrally Planned Economies Consumers
- 12. Mixed Economy United States is a
- 13. Transitional Economy A transitional economy is
- 14. Traditional Economy A traditional economy
- 15. Production Possibilities Frontier Describe
- 16. Production Possibilities Frontier production possibilities frontier
- 17. Efficiency and Production Possibilities Frontier PPF
- 18. Production Possibilities Frontier – PPF Figure
- 19. Efficiency and Production Possibilities Frontier The
- 20. Shifts in the PPF Economic Growth
- 21. Shifts in the PPF
- 22. Comparative Advantage Explain the law of
- 23. Comparative Advantage absolute advantage law
- 24. Comparative Advantage Absolute advantage – being
- 25. Specialization Specialization – when individual workers
- 26. Specialization Most people consume little of
- 27. Comparative Advantage and Specialization- Figure 2.2
Economic Systems
Why are economies around the world growing more market oriented? How much can an economy produce with the resources available? Can you actually save time
Слайд 1
Economic Systems
Economic Questions and Economic Systems
Production Possibilities Frontier
Comparative Advantage
Слайд 2
Economic Systems
Why are economies around the world growing more market
oriented?
How much can an economy produce with the resources available?
Can you actually save time by applying economic principles to your family chores?
Why is ‘experience’ a good teacher?
Why is ‘fast food’ so fast?
How much can an economy produce with the resources available?
Can you actually save time by applying economic principles to your family chores?
Why is ‘experience’ a good teacher?
Why is ‘fast food’ so fast?
Слайд 3
Objectives
Economic Questions
and Economic Systems
Identify three questions that all economic
systems must answer.
Describe a pure market economy, and identify its problems.
Describe a pure centrally planned economy, and identify its problems.
Compare mixed, transitional, and traditional economies.
Describe a pure market economy, and identify its problems.
Describe a pure centrally planned economy, and identify its problems.
Compare mixed, transitional, and traditional economies.
Слайд 4
Economic Questions and Economic Systems
economic system
pure market economy
pure centrally planned economy
mixed
economy
market economy
transitional economy
traditional economy
Market place in Cameroon
market economy
transitional economy
traditional economy
Market place in Cameroon
Key Terms
Слайд 5
Three Economic
Questions
All economies must answer these three questions:
1. What goods
and services will be produced?
2. How will they be produced?
3. For whom will they be produced?
2. How will they be produced?
3. For whom will they be produced?
Слайд 6
Economic System
An economic system is the set of mechanisms and institutions
that resolves the what, how, and for whom questions.
Some standards used to distinguish among economic systems are:
Who owns the resources?
What decision-making process is used to allocate resources and products?
What types of incentives guide economic decision makers?
Some standards used to distinguish among economic systems are:
Who owns the resources?
What decision-making process is used to allocate resources and products?
What types of incentives guide economic decision makers?
Слайд 7
Pure Market Economy
All resources are privately owned
Coordination of economic activity is
based on the prices generated in free, competitive markets
Any income derived from selling resources goes exclusively to each resource owner
Any income derived from selling resources goes exclusively to each resource owner
Слайд 8
Invisible Hand of Markets
According to economist Adam Smith (1723–1790), market forces
coordinate production as if by an “invisible hand.”
Слайд 9
Problems with
Pure Market Economies
Difficulty enforcing property rights
Some people have few
resources to sell
Some firms try to monopolize markets
No public goods
Externalities
Some firms try to monopolize markets
No public goods
Externalities
Слайд 10
Pure Centrally
Planned Economy
All resources government-owned
Production coordinated by the central plans
of government
Sometimes called communism
Use visible central planners
Sometimes called communism
Use visible central planners
Слайд 11
Problems with Centrally Planned Economies
Consumers get low priority
Little freedom of choice
Central
planning can be inefficient
Resources owned by the state are sometimes wasted
Environmental damage
Resources owned by the state are sometimes wasted
Environmental damage
Слайд 12
Mixed Economy
United States is a mixed economy
Also considered a market economy
Government
regulates the private sector in a variety of ways.
Слайд 13
Transitional Economy
A transitional economy is in the process of shifting orientation
from central planning to competitive markets.
It involves converting state-owned enterprises into private enterprises—privatization.
The transition now under way will shape economies for decades to come.
It involves converting state-owned enterprises into private enterprises—privatization.
The transition now under way will shape economies for decades to come.
Слайд 14
Traditional Economy
A traditional economy is shaped largely by custom or
religion.
Family relations also play significant roles in economic activity.
Family relations also play significant roles in economic activity.
Слайд 15
Production
Possibilities Frontier
Describe the production possibilities frontier and explain its shape.
Explain
what causes the production possibilities frontier to shift.
Objectives
Слайд 16
Production Possibilities Frontier
production possibilities frontier (PPF)
efficiency
law of increasing opportunity cost
economic growth
Key
Terms
Слайд 17
Efficiency and Production Possibilities Frontier
PPF model
Shows possible combinations of 2
types of goods that can be produced when available resources are used fully and efficiently
Figure 2.1
Inefficient and unattainable production
Point I and U on the curve
Shape of the PPF
Any movement along PPF involves giving up something
Figure 2.1
Inefficient and unattainable production
Point I and U on the curve
Shape of the PPF
Any movement along PPF involves giving up something
Слайд 18
Production Possibilities Frontier – PPF Figure 2.1
A through F are attainable
I
represents inefficient use of resources
U represents unattainable combinations
U represents unattainable combinations
Слайд 19
Efficiency and Production Possibilities Frontier
The resources in an economy are not
all perfectly adaptable
Law of increasing opportunity cost – each additional increment of one good requires the economy to give up larger increments of other good
The PPF has a bowed-out shape due to the law of increasing opportunity cost
Law of increasing opportunity cost – each additional increment of one good requires the economy to give up larger increments of other good
The PPF has a bowed-out shape due to the law of increasing opportunity cost
Слайд 20
Shifts in the PPF
Economic Growth – an expansion in the economies
ability to produce
Changes in resource availability
Increase (more labor) – PPF shifts outward
Decrease (less resources) – PPF shifts inward
Increases in stock of capital goods
Technological change
Changes in resource availability
Increase (more labor) – PPF shifts outward
Decrease (less resources) – PPF shifts inward
Increases in stock of capital goods
Technological change
Слайд 22
Comparative Advantage
Explain the law of comparative advantage
Understand the gains from specialization
and exchange.
Objectives
Слайд 23
Comparative Advantage
absolute advantage
law of comparative advantage
specialization
barter
money
division of labor
Key Terms
Слайд 24
Comparative Advantage
Absolute advantage – being able to do something using fewer
resources than other producers require
Law of comparative advantage – the worker with the lower opportunity cost of producing a particular output should specialize in that output
Law of comparative advantage – the worker with the lower opportunity cost of producing a particular output should specialize in that output
Слайд 25
Specialization
Specialization – when individual workers focus on single tasks
Gains from specialization
More
efficient and productive
Absolute advantage focuses on who used the fewest resources, comparative advantage focuses on what else those resources could have produced
Exchange
Barter – system of exchange in which products are traded directly for other products
Money – medium of exchange
Absolute advantage focuses on who used the fewest resources, comparative advantage focuses on what else those resources could have produced
Exchange
Barter – system of exchange in which products are traded directly for other products
Money – medium of exchange
Слайд 26
Specialization
Most people consume little of what they produce and produce little
of what they consume!
Division of labor – sorts the production process into tasks to be carried out by separate workers
Drawbacks of specialization (Figure 2.2)
Division of labor – sorts the production process into tasks to be carried out by separate workers
Drawbacks of specialization (Figure 2.2)
