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Economic systems

What to produce? How to produce it? And for whom to produce?. Economic systems. 1.4.1 Define economic system. (k) . An organized way in which a state or nation allocates its resources and apportions goods and services in the national community. Can someone translate this?.

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Economic systems

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  1. What to produce? How to produce it? And for whom to produce? Economic systems

  2. 1.4.1 Define economic system. (k) • An organized way in which a state or nation allocates its resources and apportions goods and services in the national community. • Can someone translate this?

  3. 1.4.4 Explain the function of profit in a market economy. (k) • Let’s jump a head just a little. • Have you heard about BlockBuster? • Why is this happening? • “Civilization and profit go hand in hand.” Calvin Coolidge. Do you agree?

  4. 1.4.2 Compare and contrast how the various economic systems (traditional, market, command, and mixed) answer the questions: What to produce? How to produce it? And for whom to produce? (a) • No sir. I won’t do it! • Enough of my babbling. Let’s get an expert to tell us.

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