economic systems

economic systems
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  • Command Economy
  • I don't know sir..some of the ministers did not think that it was effiecient.
  • WHY ONLY 5000krw FOR RECREATIONAL PURPOSES?
  • Allocation of Money  - 1000krw   for food industry       -3000krw   for steel industry -5000krw  for recreational purposes    -  1.5krw      for military 
  • WHAT DO THEY KNOW? I'M THE ONE IN CHARGE. WHAT I SAY GOES! NOW ADD MORE MONEY TOWARDS IT
  • Yea, it'd be a waste of resources
  • I see..
  • Mixed Economy
  • Oh. They look pretty much all the same to me..
  • Yes, the structure and interior design of each house is the same.
  • But you can choose small things like the color, small inside decorations. Nothing else though, government's rule
  • So these are the  houses that are allowed by the government
  • Market Economy
  • I think I'll take the slides with Jimmy because I feel we're more suitable for it
  • We'll take the swings!
  • There's a lot of things we can do here. Please feel free to choose to your heart's content, no one will stop you.
  • In a command economy, the government or the group on power gets to decide what goods and services are produced, how they are produced and for whom they are distributed. Things such as profit, wealth, and consumer sovereignty does not exist for the individual. This cartoon shows a command economy because no one has a say in how things are distributed or produced. All decisions are made by the person/group in power. It also shows inefficiency as an economic goal that results.
  • In a mixed economy, the individuals have a limited amount of freedom on what goods & services are produced, how they are produced and for whom they are produced for.  A mixed economy combines public and private enterprise. The individuals and government each have partial control. Individuals still have freedom of choice but it's very limited. This can be seen in the cartoon because  although the individual can choose the color of the house he wants, the government only allows one type of housing
  • A market economy is when the government has little to no control over what goods & services are produced, how they're produced or whom it's for. Individual wealth, choice, property and consumer sovereignty is crucial for this kind of economy to work. Here, the individual is in complete control and makes decisions based on what will best satisfy their self-interest. This is supported by the cartoon because the people on the playground have unlimited freedom of choice for the activities they wish to partake in. And no one is there to stop them. IT also portrays economic security and equity.
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