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Economic and Legal System
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Economic System
What is Economics?
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What is Economic System?
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Economic System
o
An economic system is comprised of the variousprocesses of organizing and motivating labor,
producing, distributing, and circulating of the fruits
of human labor, including products and services,
consumer goods, machines, tools, and othertechnology used as inputs to future production, and
the infrastructure within and through which
production, distribution, and circulation occurs.
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What are needs?
What are wants?
Satisfying Needs and Wants
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Goods
oare things that you can see and touch.
Services
oare activities that are consumed at the same
time they are produced.
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What are Natural resources?
Many natural resources are
nonrenewable.
What are Human resources?
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The Four Types of Economic System
Four very different types of Economic
Systems have evolved as different
societies have placed different emphasison different goals and priorities in their
efforts to answer the Three Key
Economic Question.
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Traditional Economy
Family or Community based on Economic System that relies
on custom and ritual to make its choices.
Examples:
o Aborigines
o Amazon Tribes
o Any Substainance Economy
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Market Economy
Individual or Consumer based Economic System that relies on
the consumption choices of consumers.
Examples:
o
U.S.A.o Japan
o Any Capitalist Economy
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Command Economy
Centrally Controlled Economy where the Government makes
all decisions.
Examples:
o Cubao China
o Any Communist Country or Dictatorship
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Mixed Economy
Economic System that incorporates some Governmental
involvement into a Market Based Economy.
Examples:
o U.S.A.
o Japan
o Most Modern Economies
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Legal System
What is Legal System?
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Legal System
o Of a country refers to the rules or laws thatregulates behavior along with the processes by
which the laws are enforced and through which
redress for grievances is obtained.
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Three Types of Legal System
Common
Law
Civil LawTheocraticLaw
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Common Law
o is based on tradition, precedent, and
custom.
o Refers to a countrys legal history, precedent
to cases that have come before the courts in the
past, and custom to the ways in which laws are
applied in specific situations.
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Differences in Contract Law
Contract
o Is a document that specifies the conditions
under which an exchange is to occur anddetails the rights and obligations of the parties
involved.
Contract LawoIs the body of law that governs contract
enforcement.
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Private and Public Action
Private Action
o Refers to theft, piracy, blackmail, and the like
by private individuals or groups.
Public Action
o To violate property rights occurs when publicofficials, such as politicians and government
bureaucrats, extort income, resources, or the
property holders.
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Reported by: Michellin Ann GutierrezBSBA 4th year