1. Introduction to Economics

2. What is it?
The study of a region’s wealth and how
goods and services are distributed.

3. There are three main kinds of
economicsystems. Each has a different way
of distributing goods and services.
1) Subsistence Economy (Traditional)
2) Market Economy (Capitalist)
3) Command Economy (Socialist)

5. Elements of a Market Economy:
Free Enterprise = Allows
competition among businesses to
determine the prices of products.

6. Capitalism = Where businesses,
industries and resources are
privately owned.
Capitalism and free enterprise
are a big part of a
market economy.

7. Element of a Command Economy:
Communism = An economic and political system
in which the government owns or controls all
means of production.

8. Economy Type Description Motivator Location
People make goods Most subsistence
Subsistence for themselves or economies are found in
a.k.a. Traditional their families with Survival poor countries and
little or no surplus rural areas.
(leftovers) Ex. Bangladesh
People freely choose Most of the world’srich
what jobs they have countries have market
Market and what to buy and Profit economies.
sell. Ex. United States
The government Communist countries
decides jobs, have command
Command products, location, Government economies.
and prices. Regulations Ex. Cuba

9. United
States Canada Cuba
Free Market Government
Economy Regulated
Command
No Economy
Government
Rules No Freedom
at All

10. Student Slides

11. Introduction to Economics

12. What is it?
The study of a region’s _________ and how
goods and services are _____________.

13. There are three main kinds
of______________________. Each has a
different way of___________goods
and____________.
1) ___________Economy (Traditional)
2) _________Economy (Capitalist)
3) _________Economy (Socialist)

14. Elements of a Market Economy:
________________________=
Allows__________________among__
_____________to determine
the__________of_________________.

15. Capitalism = Where____________,
industries
and_____________are____________
__owned.
Capitalism and free enterprise
are a big part of a
market economy.

16. Element of a Command Economy:
_____________=
An____________and___________system in which
the________________owns or_____________all
means of_____________.

17. Economy Type Description Motivator Location
People Most______________ec
_______________ make________for____ onomies are found
a.k.a. Traditional _________ or ___________ in______countries
their__________with and_________areas.
little or Ex. Bangladesh
no__________(leftover
s)
People Most of the
freely_______what world’s________countr
____________ jobs they have and ___________ ies
what have__________econo
to________and______ mies.
___. Ex. United States
The ______________ ___________countries
decides ________, have______________ec
____________ products, ______________ onomies.
__________,and Ex. Cuba
____________. ______________

18. United
States Canada Cuba
____________ Government
Economy ____________
Command
_____ Economy
Government
_______ ___ Freedom
at ____