business terms
Subject:
Economics [1]
Tags:
Economic systems [2]
economics [3]
Economies [4]
sociology [6]
Capitalism [7]
Planned economy [9]
Mixed economy [10]
Market economy [11]
Market [12]
1-3 Economic Systems Goals: Identify the three economic questions Differentiate among the main types of economic systems Describe the economic system of the U.S. Key Terms (Countries) Economic system ? a nation?s plan for answering the three economic questions Command economy ? the resources are owned and controlled by the government Market economy ? the resources are owned and controlled by the people of the country Traditional economy ? goods and services are produced the way it always has been done (African countries) Mixed economy ? combines elements of the command and market economics Capitalism - refers to the Three economic questions: What to produce? How to produce? What needs and wants to satisfy? The U.S. Economic System Four principles: Private Property