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Types of Economies (CE.11b)

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by

Alison O'Leary

on 28 August 2015

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Transcript of Types of Economies (CE.11b)

Essential Understandings
Every country must develop an
economic system
to determine how to use its limited
productive
resources.
The key factor in determining the type of economy a country has is the extent of
government
involvement.
What are three basic questions of economics?
What will be produced?
Who will
produce
it?
For whom will it be produced?
Characteristics of Major Economic Systems
No country relies exclusively on
markets
to deal with the economic problem of scarcity.
Four Basic Types of Economies
Traditional
Free Market
Command
Mixed
Traditional Economy
Economic decisions are based on
custom
and historical precedent.
People often perform the same type of work as their
parents
and grandparents, regardless of
ability
or potential.

Essential Questions
What are the basic economic questions society must answer?
What are the basic characteristics of
traditional
,
free market
,
command
, and
mixed
economies?
How does each type of economy answer the basic questions?
Types of Economies (CE.11b)
Free Market Economy
Command Economy
Mixed Economy
Private
ownership of property/resources
Profit
motive
Competition
Consumer
sovereignty
Individual
choice
Minimal

government involvement in the economy

Central
ownership (usually by government) of property/resources
Centrally-planned economy

Lack
of consumer choice
Individuals
and businesses are owners and decision makers for the
private
sector.
Government
is owner and decision maker for the
public
sector.
Government’s role is
greater
than in a free market economy and
less
than in a command economy.
Most economies today, including the
United States
, are mixed economies.
Review
Full transcript