chapter 2 economic systems you mean there is more than one?
DESCRIPTION
3 Economic Questions 1) What goods and services should be produced? ????TRANSCRIPT
Chapter 2
Economic Systems
You mean there is more than one?
Learning Objectives
• Economic systems• Three basic economic questions• Compare and Contrast: traditional, market
and command economic systems
3 Economic Questions
1) What goods and services should be produced?
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3 Economic Questions2) How should those goods and servicesbe produced?
3 Economic Services
3) Who gets the goods and services?
Economic Systems
Traditional System
Mixed System
Command System
Free Market System
Traditional System
Economic systembased on past waysof life and cultural
Command System
Government controls the productionand distribution of goods and services
Free Market System
Economic system in which INDIVIDUALS,NOT THE GOVERNMENT, control the economy.
Free Market vs Command Economies
Mixed System
½ command economy
+ ½ free market economy_____________________________________________
Mixed Economic System