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