Name the three types of economic systems
Types of Economic Systems
Command Economy: Government owns and controls the means of production. Market Economy: Decisions are based on supply and demand. Mixed Economy: Combines elements of command and market economies.
What are the main characteristics of a traditional economic system?
What are the advantages and disadvantages of a mixed economy?
What are the key differences between a capitalist, socialist, and communist economic system?
How does economic system affect a country's wealth?
What are the advantages and disadvantages of capitalism, socialism, and communism?
What are some examples of countries that use each of the 3 economic systems?
What do you think is the best economic system?
How do economic systems affect a country's citizens?