TYPES OF ECONOMIES SSEF4 The student will compare and contrast different economic systems and explain how they answer the three basic economic questions.

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Presentation transcript:

TYPES OF ECONOMIES SSEF4 The student will compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce. SSEF5 The student will describe the roles of government in a market economy.

3 Basic Economic Questions What to produce? How to produce? For whom to produce?

Traditional Economy What is produced? How is it produced? Traditional items are produced according to custom How is it produced? According to custom, no specialization or division of labor For whom is it produced? For the local people

Command / Planned Economy What is produced? Gov’t decides what they believe to be best for the whole country. How is it produced? Gov’t owns companies, dictate how to make things. Use specialization and division of labor For whom is it produced? Produce only what is needed for the country

Market Economy What is produced? Whatever sellers want to produce. Supply and demand are the main factors in decision making How is it produced? Competition exists. Business is run for profit. Specialization, division of labor used. For whom is it produced? Produce for whoever will buy in your country and throughout the world

Mixed Economy Most countries have mixed economies. They combine aspects of the 3 economies to make what is best for them. Ex: United States mostly market (individuals buy and sell) Some command (gov’t rules and restrictions) Little traditional (Native American, Amish communities)