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Transcript of Economic Systems
A way in which societies produce and distribute goods and services
Government plays an important role in making economic decisions,
but not total control
Ex: most nations, including France, India, Italy, and South Korea.
Government makes most economic decisions. Individuals have little or no say about basic economic questions such as what and how much to produce.
Ex: North Korea, Libya, Venezuela, Vietnam
Command Economy (Socialist and Communist)
People meet their needs on the basis of their customs, which have been handed down from generation to generation. Individuals learn trade from family and mainly in developing nations.
Ex: Ethiopia, Rwanda, Federated States of Micronesia
Individuals determine for themselves what to produce, who will want it, how much to produce, and how much to charge based on supply and demand.
Ex: United States, Canada, Japan, and Australia
market economies are VERY rare in today's society. As a result, some individuals place most of the countries above in the "mixed economy" category.
Market Economy (Free-Enterprise and Capitalist)
What to produce?
How to produce the goods?
For whom to produce them for?
Each economic system answers three basic questions for a country.
There are four, different economic systems:
1. Traditional Economy
2. Command Economy
3. Free-Market Economy
4. Mixed Economy
Visual images of a traditional economy. What do you notice about the pictures?
How does this scenario reflect life under a command economy?
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