Economies
What is “economics”?

Economics is the study of how people make their money and a
study of choices.

Examples:
 Which pair of shoes to buy – the ones on sale or the ones you
really like, which cost much more.
 Whether to continue saving your money for an IPOD you
want, or to use some of it to go to a movie
 Whether to give some money to a fundraiser for school or to
housing for the homeless.
What is an “economic” system?
 ECONOMIC
SYSTEMS: All countries have an Economic
System that sets rules for their different methods of
production and consumption (buying and selling).
 There
are three major economic systems: traditional,
market, and command.
 Most
countries today use a mix of these economic
systems.
Traditional Economy
How to Recognize a Traditional Economy

Found in rural, non-developed countries

Asia, Africa, South America & the Middle East

Technology is not used

Farming, hunting & gathering are done the same way as the generation
before

Economic activities are usually centered toward the family or ethnic unit

Men & women are given different economic roles and tasks

The Noise Ghost is an Inuit poltergeist, or ‘noisy ghost’. This unseen,
unbodied noise ghost may announce his haunting visitation by curling
around a northern house on a cold quiet night and emitting a small, highpitched hissing. This spectral whisp seeks to run you out of your house.
Then, once you’re outside, after toxic cold cracks your bones, the noise
ghost will jab its snout into your chest cavity, thrusting deep and red to
gnaw your ribs and suck out your bone marrow.

Now the unhuman hiss whistles through ice chinks and drills into eardrums
as the noise ghost hovers, waiting to envelope you in its sonic coil and
madden you, long before relieving dawn may come.
The noise ghost circles the igloo and, always the constrictor, wraps the
fragile ice in singing folds of death. The hiss skitters about the room,
swooping on the face of a screaming terrified child. Its high buzz mingles
with gasping whispers and low, obscene, anticipatory gurglings as of a meatlusting animal in full slobber. Sometimes you can see the raw noise itself,
curling impudently in the cold air.

Swirling closer and closer to the frightened people inside the house, this evil
noisemaker shrieks as if inside your very heart. Should you run jabbering
and drooling fear, out, out into numb white death? No. Abide a moment and
wait out the terror; then wise elders who know the ancient apotropaic
words will drive the monster away and silence the noise ghost. This time.
CANADA (Inuits): Traditional Economy
Read
about the Inuit’s economy
and make a list of qualities that
you notice.
Market Economy
How to Recognize a Market Economy
•Limited government
•Private businesses
United States: Market Economy
How
Read
do we celebrate Halloween?
the article about America’s economy
and make a list of qualities.
Command Economy

In China, the Halloween festival is known as TengChieh. Food and
water are placed in front of photographs of family members who
have departed while bonfires and lanterns are lit in order to light
the paths of the spirits as they travel the earth on Halloween night.
Worshippers in Buddhist temples fashion "boats of the law" from
paper, some of which are very large, which are then burned in the
evening hours. The purpose of this custom is twofold: as a
remembrance of the dead and in order to free the spirits of the
"pretas" in order that they might ascend to heaven. "Pretas" are
the spirits of those who died as a result of an accident or drowning
and whose bodies were consequently never buried. The presence of
"pretas" among the living is thought by the Chinese to be
dangerous. Under the guidance of Buddhist temples, societies are
formed to carry out ceremonies for the "pretas," which includes the
lighting of lanterns. Monks are invited to recite sacred verses and
offerings of fruit are presented.
China: Command Economy
Read
about China’s Command
Economy and write down the
qualities you notice.
What about…
Ireland?
Germany?
Syria?