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UNDERSTANDING
Economic
S y s t e m s
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https://flic.kr/p/aPrCNP
TypesOf
Part3:
Economic
Systems
Economic
S y s t e m s
https://flic.kr/p/7VhPft
Nations’ plans for answering three main economic questions.
https://flic.kr/p/fBT7uZ
1.What to produce?
https://flic.kr/p/fBT7uZ
1.What to produce?
2.Howtoproduceit?
https://flic.kr/p/fBT7uZ
1.What to produce?
2.Howtoproduceit?
3.ForWhomToProduce?
Economic
S y s t e m s
https://flic.kr/p/dSXXyh
TypesOf
Traditional
E C O N O M Y
https://flic.kr/p/8292JW
Goods and services are produced based on customs and are centered on family.
COMMAND
E C O N O M Y
https://flic.kr/p/4Q7GuU
Also known as a communist economy
COMMAND
E C O N O M Y
https://flic.kr/p/8HsVv1
Government controls all resources, and dictates how much to produce.
MARKET
E C O N O M Y
https://flic.kr/p/o6Qwp7
Resources & production are controlled by people, and the law of supply & demand
MIXED
E C O N O M Y
https://flic.kr/p/brnwPM
Economy that combines elements from command and market economies.

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