Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command...
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Transcript of Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command...
![Page 1: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/1.jpg)
Comparing Economic SystemsVocabulary Review
![Page 2: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/2.jpg)
9/25 Do NowWhat is the difference between a command
economy and a market economy
![Page 3: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/3.jpg)
CommunismEconomic system where all property is
collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs.
![Page 4: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/4.jpg)
CapitalismEconomic system where the means of
production are privately owned. Supply and demand determine prices, and businesses are free to direct resources into activities that promise the greatest profits.
![Page 5: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/5.jpg)
SocialismEconomic system in which government owns
and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.
![Page 6: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/6.jpg)
Pro Socialism or Pro Capitalism
![Page 7: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/7.jpg)
Pro Socialism or Pro Capitalism
![Page 8: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/8.jpg)
Pro Socialism or Pro Capitalism
![Page 9: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/9.jpg)
Pro Socialism or Pro Capitalism
![Page 10: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/10.jpg)
Pro Socialism or Pro Capitalism
![Page 11: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/11.jpg)
Pro Socialism or Pro Capitalism
![Page 12: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/12.jpg)
Pro Socialism or Pro Capitalism
![Page 13: Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command economy and a market economy.](https://reader030.fdocuments.us/reader030/viewer/2022032702/56649f425503460f94c617e5/html5/thumbnails/13.jpg)
The StateAnother word for the government
Ex: Socialist State
Ex: Capitalist State
Democratic State
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Marx or Smith
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Marx or Smith