What is an economic system?
Economic systems are ways of organizing the production, distribution, and consumption of goods and services. Different economic systems exist, including traditional, command, market, and mixed economies. Each type of economic system has its own advantages and disadvantages.
Name one type of economic system?
traditional economy : an economic system in which decisions about production and consumption are based on custom and tradition]
command economy : an economic system in which decisions about production and consumption are made by a powerful ruler or government
market economy : an economic system in which economic decisions are left up to individual producers and consumers
What are the economic goals of a command economy?
How does the role of government influence the production and consumption of goods in a market economy?
What factors did you consider when comparing the role of government in command and market economies?
Which features of the American free enterprise system make it different from other economic systems?
How do economic systems impact the lives of individuals and societies?
How do you think economic systems could be improved?
Would you rather have complete control over a command economy or experience the freedom of a market economy?
- Have complete control over a command economy
- Experience the freedom of a market economy
Create a visual representation of the flow of goods and money in a mixed economy.