tailieunhanh - Lecture Introduction to economics: Social issues and economic thinking: Chapter 8 - Wendy A. Stock

Chapter 8 - The power and limits of markets. After completing this unit, you should be able to: Describe the resource allocation and resource ownership decisions facing societies, classify the basic types of economic systems, describe the differences in types of ownership of resources,. | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 8 The Power and Limits of Markets Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Anna Zielinska/iStockphoto 1 Describe the resource allocation and resource ownership decisions facing societies Classify the basic types of economic systems Describe the differences in types of ownership of resources Describe the differences in types of decision making about resource allocation Evaluate the tradeoffs between efficiency and equity; security and liberty Understand the concept of market failure Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 The resource allocation decisions of a society determine how the resources are shared among society’s citizens. The resource ownership decisions of a society determine the property rights over the resources in a society. Copyright © 2013 John Wiley & Sons, Inc. 3 Resource allocation and ownership decisions 3 Command Systems use governmental regulation or central planning to allocate resources. Market Systems use decentralized interactions between buyers and sellers to allocate resources. Copyright © 2013 John Wiley & Sons, Inc. 4 Resource Allocation systems 4 Socialist Systems use public property ownership. Capitalist Systems use private property ownership. Copyright © 2013 John Wiley & Sons, Inc. 5 Resource Ownership systems 5 Market Capitalism is an economic system that uses private property ownership and private resource allocation decisions. Command Socialism is an economic system that uses public property ownership and public resource allocation decisions. Market Socialism is an economic system that uses public property ownership and private resource allocation decisions. Command Capitalism is an economic system that uses private property ownership and public resource allocation decisions. Copyright © 2013 John Wiley & Sons, Inc. 6 TYPES OF ECONOMIC . | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 8 The Power and Limits of Markets Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Anna Zielinska/iStockphoto 1 Describe the resource allocation and resource ownership decisions facing societies Classify the basic types of economic systems Describe the differences in types of ownership of resources Describe the differences in types of decision making about resource allocation Evaluate the tradeoffs between efficiency and equity; security and liberty Understand the concept of market failure Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 The resource allocation decisions of a society determine how the resources are shared among society’s citizens. The resource ownership decisions of a society determine the property rights over the resources in a society. Copyright © 2013 John Wiley & Sons, Inc. 3 Resource .