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Unit 1 Kinds of Economis System

The document discusses different types of economic systems including socialist, capitalist, and mixed economies. It provides examples and features of each system type and includes formative assessment questions to test student understanding.

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AJAY J BIT
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33 views23 pages

Unit 1 Kinds of Economis System

The document discusses different types of economic systems including socialist, capitalist, and mixed economies. It provides examples and features of each system type and includes formative assessment questions to test student understanding.

Uploaded by

AJAY J BIT
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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15GE701 ENGINEERING

ECONOMICS

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MICRO PLANNING

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ALPHA BREATHING

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Prerequisite Knowledge
Economics
Economic Activities
Micro Economics
Macro Economics

4
EVOCATION

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General Objective
Students will be able to understand the importance of different
kinds of Economic Systems and its features.

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Specific Objectives
Students will be able to :
 Explain the importance of Economic systems. [E]
 Exemplify the features of Socialist Economic Systems.[E]
 Exemplify the features of Capitalist Economic Systems.
[E]
 Exemplify the features of Mixed Economic Systems. [E]
 

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2D MAPPING

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Content Delivery

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Kinds of Economic
System?

11
So1: Explain the importance of
Economic systems. [E]
Three questions to answer
What commodities the firms should produce to attain highest
profits.
What techniques of production help to produce at least costs.
How the individuals and firms in the economy should spend
their wages and property income

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So1: Explain the importance of
Economic systems. [E]
Socialist Economy
Capitalist Economy
Mixed Economy

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So2:Exemplify the features of Socialist
Economic Systems.[E]
Owns most of the means of production.
Owns and directs the operations of industries in most
industries.
Is the employer of most workers and tells them how to do
their jobs.
Decides how the output of the society is to be divided
among different goods and services.
Government decides the needs of the people, the
best way to produce it and for everyone!
Examples: North Korea, Cuba, China

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So3:Exemplify the features of
Capitalist Economic Systems.[E]
Private individuals/enterprises own most of the means
of production(land and capital)
Private people own and direct the operations of
enterprises in most industries.
Private firms or individuals are the employers of most
workers and tell them how to do their jobs.
Examples: Canada, South Korea, Singapore,
Germany, Great Britain, and the UNITED STATES

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So4:Exemplify the features of
Mixed Economic Systems.[E]
Both private individuals and government participate in
seeking answers
Some industries owned by both private
individuals/firms/corporate .
Example:India

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Formative Assessment
Q1
1)In ______ Private people own and direct the operations of
enterprises in most industries.
A.Socialist Economy
B.Capitalist Economy
C.Free Economy
D.Mixed Economy
ANSWER:
B) Capitalist Economy

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Formative Assessment
Q2
2)______ is an example of mixed economy.
A.India
B.China
C.USA
D.Russia
ANSWER:
A) India

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DISCUSSION

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MIND MAP

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SUMMARY
Economic Systems
Kinds of Economic System
 Socialist Economy
 Capitalist Economy

 Mixed Economy

Features of each kind

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Stimulating Question

Describe a manufacturing company following


mixed economy?

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