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Transcript of Economic Systems
Sections 1 and 2
How a nation uses its resources to satisify its wants and needs
System in which the individuals in a nation own the factors of production and determine how to use them
Combination of MARKET and COMMAND economic systems.
What to produce?
How should it be produced?
For whom should it be produced/How should it be distributed
The 3 Economic ?'s
System in which the government controls the factors of production and determines how to use them.
Also called SOCIALISM
Also called CAPITALISM
Free exchange of goods and services between buyers and sellers
Most countries fall into this category, including the United States
Individuals own the factors of production and decide how to use them
A mixed economy