Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism
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Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism Economic system where a country has colonies to provide raw materials. The government benefits the most, not individuals Laissez faire “Hands off”—the government has absolutely no control over the market (pure capitalism) Command economy The market is completely controlled by the government (pure communism) Mixed economy The government has some control over the market. In some countries the government has a lot of control, in others the government has much less. Economics Vocabulary
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Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism Economic system where a country has colonies to provide raw materials. The government benefits the most, not individuals Laissez faire - PowerPoint PPT Presentation
Transcript of Traditional Economy Found in agricultural communities, goods are usually bartered Mercantilism
Traditional EconomyFound in agricultural communities, goods are usually bartered
MercantilismEconomic system where a country has colonies to provide raw materials. The government benefits the most, not individuals
Laissez faire“Hands off”—the government has absolutely no control over the market (pure capitalism)
Command economyThe market is completely controlled by the government (pure communism)
Mixed economyThe government has some control over the market. In some countries the government has a lot of control, in others the government has much less.
Economics Vocabulary
ScarcityI don’t have something I need, so I am compelled to get it
MonopolyOne company has complete control over a market, no competition
Adam SmithFounder of capitalism, wrote “The Wealth of Nations”
Karl MarxFounder of communism., wrote “The Communist Manifesto” and “Das Kapital”
Economics Vocabulary
