Go #14 basics of economics 2011 2012

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Go #14 basics of economics 2011 2012

  1. 1. GO # 14 Economic Concepts  Scarcity     Resources          Choice   Opportunity  Cost            Price   Incentives            Production   Consumption            Supply   Demand    
  2. 2. Types of EconomiesEvery country must develop an economic system to determine how to use its limited productiveresources. The key factor in detemrine the type of economy is the extent of_________________________. The type of economy a country has answer three basic questions. • • • Tradiditonal Economy Free Market Economy • • • • • • • • Command Economy Mixed Economy • • • • • • •No country relies exclusively on markets to deal with the economic problem of scarcity.  
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