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Understanding Economic Systems: Types and Questions

Explore different types of economic systems used by nations to fulfill their people's needs and wants, categorized into Traditional, Command, Market, and Mixed economies. Learn about the three fundamental economic questions and how each type of economic system addresses them.

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Understanding Economic Systems: Types and Questions

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  1. By: Ben Quick Types of Economic Systems

  2. Economic Systems (review) • The way in which nations use their resources to satisfy their people's needs and wants • Can be differentiated by how they answer the three basic economic questions.

  3. The three economic Questions (review) • What should be produced? • How should it be organized? • For whom should we produce?

  4. Types of Economic Systems • Traditional • Command • Market • Mixed

  5. Traditional Economy • Economy that used tradition (customs, beliefs, religion) to answer the three basic economic questions • Very few nations still use this system - Middle East - Africa - Latin America

  6. Command Economy • Economy where the government makes all the decision related to the three basic economic questions • Individuals have little to no voice in economic decisions • The government controls the factors of production

  7. Market (capitalist) Economy • Consumers answer the three basic economic questions • Individuals own the factors of production

  8. Mixed Economic System • A cross between a command economy and a market economy • Some government control • Mostly consumer driven

  9. Questions?

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