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Economic Systems
Goods and services are produced by a country's economic system
The economic system includes all the factors of production, rules and regulations concerning goods and services
Factors of Productions-natural resources
-labour (people)
-capital (money)
-management
3 Questions must be answeredWHAT goods and services are to be produced?HOW to make the goods?WHO will receive the goods and services that are produced?
The Economic Systems that we will look at are:Free Enterprise (United States)
Centrally Planned Economy (North Korea, China, Cuba)
Modified Free Enterprise (Canada)
http://www.youtube.com/watch?v=hG9PQHD5ROA
http://www.youtube.com/watch?v=ooETCjxEYHk
http://www.youtube.com/watch?v=7NfLUCBZ1is
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Economic System notes.notebook
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