understanding economic systems: types of economic systems
Post on 14-Jul-2015
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UNDERSTANDING
Economic S y s t e m s
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Types Of
Part 3:
Economic
Systems
Economic S y s t e m s
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Nations’ plans for answering three main economic questions.
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1. What to produce?
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1. What to produce?
2. How to produce it?
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1. What to produce?
2. How to produce it?
3. For Whom To Produce?
Economic S y s t e m s
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Types Of
Traditional E C O N O M Y
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Goods and services are produced based on customs and are centered on family.
COMMAND E C O N O M Y
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Also known as a communist economy
COMMAND E C O N O M Y
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Government controls all resources, and dictates how much to produce.
MARKET E C O N O M Y
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Resources & production are controlled by people, and the law of supply & demand
MIXED E C O N O M Y
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Economy that combines elements from command and market economies.
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