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Transcript

Capitalism

Type of Free Market Economy

GO SLOW! This isn't easy and is a lot! GO SLOW!

Start

What is a Free Market?

FM

  • Creation, distribution, and costs of goods and services are decided by businesses and individuals

What is a Free Market?

FM

  • Creation, distribution, and costs of goods and services are decided by businesses and individuals
  • Market sets the price of goods and services

What is a Free Market?

FM

  • Creation, distribution, and costs of goods and services are decided by businesses and individuals
  • Market sets the price of goods and services
  • Market decides what goods and services are made avaiable

What is a Free Market?

FM

  • Creation, distribution, and costs of goods and services are decided by businesses and individuals
  • Market sets the price of goods and services
  • Market decides what goods and services are made avaiable
  • In other words, Supply and Demand determine goods and services at what prices

Pros and Cons of the Free Market

Pros

Cons

  • Incentive for entrepreneurship
    • Reason to start your own business

Pros and Cons of the Free Market

Pros

Cons

  • Incentive for entrepreneurship
    • Reason to start your own business
  • Motivation for Innovation
    • Reason you want to make the best product or a new useful product

Pros and Cons of the Free Market

Pros

Cons

  • Incentive for entrepreneurship
    • Reason to start your own business
  • Motivation for Innovation
    • Reason you want to make the best product or a new useful product
  • Most effecient use of resources due to supply and demand
    • Will utilize alcohol for sanitizer rather than to drink when there is a pandemic

Pros and Cons of the Free Market

Pros

Cons

  • Incentive for entrepreneurship
    • Reason to start your own business
  • Motivation for Innovation
    • Reason you want to make the best product or a new useful product
  • Most effecient use of resources due to supply and demand
    • Will utilize alcohol for sanitizer rather than to drink when there is a pandemic
  • System is competitive so it will take advantage of people leading to various disadvantages
    • If people will work for $1 a day, people will be paid $1 a day
    • No reason to pay people more
    • Reasons to take advantage at people for profit

What is Capitalism?

  • Form of a Free Market Economy

What is Capitalism?

  • Form of a Free Market Economy
  • Capitalism has the basics of the Free Market, BUT the government gets a little involves
    • This free market with some government intervention is called a mixed market

What is Capitalism?

  • Form of a Free Market Economy
  • Capitalism has the basics of the Free Market, BUT the government gets a little involves
    • This free market with some government intervention is called a mixed market
  • Supply and Demand still decides what is made and the price of goods and services BUT the government does get involved in the economy

Forms of Government Involvement in Capitalist Economies

  • Minimum wage laws – setting the lowest legal pay for workers.
  • Workers’ compensation – requiring insurance for workers injured on the job.
  • Workplace safety regulations – ensuring workers are safe at work
  • Overtime laws – requiring higher pay for extra hours.

Forms of Government Involvement in Capitalist Economies

  • Minimum wage laws – setting the lowest legal pay for workers.
  • Workers’ compensation – requiring insurance for workers injured on the job.
  • Workplace safety regulations – ensuring workers are safe at work
  • Overtime laws – requiring higher pay for extra hours.
  • Child labor laws – limiting hours/types of work for minors.
  • Price controls – like rent control (maximum rent) or price floors (farm goods)
  • Consumer protection laws – requiring accurate labeling, banning unsafe products.
  • Unemployment insurance – payments to people who lose their jobs.

Forms of Government Involvement in Capitalist Economies

  • Minimum wage laws – setting the lowest legal pay for workers.
  • Workers’ compensation – requiring insurance for workers injured on the job.
  • Workplace safety regulations – ensuring workers are safe at work
  • Overtime laws – requiring higher pay for extra hours.
  • Child labor laws – limiting hours/types of work for minors.
  • Price controls – like rent control (maximum rent) or price floors (farm goods)
  • Consumer protection laws – requiring accurate labeling, banning unsafe products.
  • Unemployment insurance – payments to people who lose their jobs.
  • Social Security – retirement and disability benefits.
  • Medicare/Medicaid – government-provided health insurance.
  • Food stamps / SNAP benefits – helping low-income families afford food.
  • Housing assistance – public housing, Section 8 vouchers.

Pros and Cons of Capitalism

Pros

Cons

  • Efficient use of resources
    • Can be sure to use alcohol for cleaning products over other things if there is a crisis for example

Pros and Cons of Capitalism

Pros

Cons

  • Efficient use of resources
    • Can be sure to use alcohol for cleaning products over other things if there is a crisis for example
  • Government can intervene to fix market failures
    • Can ensure people aren't getting paid $1 a day

Pros and Cons of Capitalism

Pros

Cons

  • Efficient use of resources
    • Can be sure to use alcohol for cleaning products over other things if there is a crisis for example
  • Government can intervene to fix market failures
    • Can ensure people aren't getting paid $1 a day
  • Government can create a safety net programs to protect the public
    • Can have a police force to protect people

Pros and Cons of Capitalism

Pros

Cons

  • Efficient use of resources
    • Can be sure to use alcohol for cleaning products over other things if there is a crisis for example
  • Government can intervene to fix market failures
    • Can ensure people aren't getting paid $1 a day
  • Government can create a safety net programs to protect the public
    • Can have a police force to protect people
  • Competition is encouraged (not only one brand of video game console you can buy)
    • This is great because it encourages companies to make the best product and have lower prices

Pros and Cons of Capitalism

Pros

Cons

  • Efficient use of resources
    • Can be sure to use alcohol for cleaning products over other things if there is a crisis for example
  • Government can intervene to fix market failures
    • Can ensure people aren't getting paid $1 a day
  • Government can create a safety net programs to protect the public
    • Can have a police force to protect people
  • Competition is encouraged (not only one brand of video game console you can buy)
    • This is great because it encourages companies to make the best product and have lower prices
  • Very difficult to find a balance between too much or too little government
    • How can one tell that there is not enough government involvement or if there needs to be more of an involvement?

Command

Economy

Start

What is a Command Economy?

A central authority (generall the government) controls what goods and services are produced, how much should be produced, and the price of the goods or services

What is a Command Economy?

  • Decide if hammers will be produced

What is a Command Economy?

  • Decide if hammers will be produced
  • Decide how many hammers will be produced

What is a Command Economy?

  • Decide if hammers will be produced
  • Decide how many hammers will be produced
  • Will decide how much each hammer will cost

Pros and Cons of Command Economy

Pros

Cons

  • If done right, you can mobilize resources on a mass scale and give everyone jobs
    • Think about it, you can coordinate where all of your items go to be the most efficient and effective

    Pros and Cons of Command Economy

    Pros

    Cons

    • If done right, you can mobilize resources on a mass scale and give everyone jobs
      • Think about it, you can coordinate where all of your items go to be the most efficient and effective
    • Can ensure that the economy is focused on the good of society of society rather than of an individual or company
      • I can be sure that everyone has enough money to survive

      Pros and Cons of Command Economy

      Pros

      Cons

      • If done right, you can mobilize resources on a mass scale and give everyone jobs
        • Think about it, you can coordinate where all of your items go to be the most efficient and effective
      • Can ensure that the economy is focused on the good of society of society rather than of an individual or company
        • I can be sure that everyone has enough money to survive
        • Crazy difficult task to plan for the needs of everyone particularly in unexpected circumstances
          • For example, you don't know there will be a situation that will cause everyone to run to buy toliet paper meaning there are shortages in toliet paper because you didn't plan to have more made

        European Socailism

        Start

        What is European Socailism?

        ES

        • This is not communism

        What is European Socailism?

        ES

        • This is not communism
        • This is a mixed market, but with a lot of government involvement
          • This involvement is to ensure that people's needs are met
            • Healthcare
            • Education through college
            • Childcare

        What is European Socailism?

        ES

        • This is not communism
        • This is a mixed market, but with a lot of government involvement
          • This involvement is to ensure that people's needs are met
            • Healthcare
            • Education through college
            • Childcare
        • Higher taxes to pay for ^^^

        What is European Socailism?

        ES

        • This is not communism
        • This is a mixed market, but with a lot of government involvement
          • This involvement is to ensure that people's needs are met
            • Healthcare
            • Education through college
            • Childcare
        • Higher taxes to pay for ^^^
        • Still capitalist especially when it comes to wants rather than needs

        European socialism is a Mixed Market, but with A LOT of government Involvement

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