Chapter 2 Economic Systems You mean there is more than one?

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Presentation 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? ????

3 Economic Questions 2) How should those goods and services be 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 system based on past ways of life and cultural

Command System Government controls the production and 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

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