Economy - classroom.kleinisd.netclassroom.kleinisd.net/users/2496/2016 copy Economy.pdf · Economy...
Transcript of Economy - classroom.kleinisd.netclassroom.kleinisd.net/users/2496/2016 copy Economy.pdf · Economy...
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EconomyA society has to have a way to support the people. A way to make, buy and sell goods and services to satisfy their needs and wants.
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Economic development is used to describe the level of society.
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Levels of economic development Less developed - high poverty, low life expectancy, low literacy, agricultural economy
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Newly Industrialized - rising urbanization, decreasing dependence on agriculture
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Highly Developed - low rates of poverty, high GDP, high literacy and life expectancy
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Economic Systems
Free Enterprise - a market economy, free choice of what/where you will sell and free to set your own price, motivated by profit
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Socialist system:
Government decides what/how much to produce
Politics plays a role in this, not profits
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Communist System:an economy where businesses are owned by the govt
Govt owns and controls all resources
No freedom of choice/no profit motive