The document discusses different types of economic systems that nations use to answer three main economic questions: what to produce, how to produce it, and for whom to produce. It describes traditional, command, market, and mixed economies. Traditional economies are centered around family and customs. Command economies have government control production and resources. Market economies use supply and demand to determine production. Mixed economies combine elements of command and market systems.

1. UNDERSTANDING
Economic
S y s t e m s
https://flic.kr/p/5qXwdZ

2. https://flic.kr/p/aPrCNP
TypesOf
Part3:
Economic
Systems

3. Economic
S y s t e m s
https://flic.kr/p/7VhPft
Nations’ plans for answering three main economic questions.

4. https://flic.kr/p/fBT7uZ
1.What to produce?

5. https://flic.kr/p/fBT7uZ
1.What to produce?
2.Howtoproduceit?

6. https://flic.kr/p/fBT7uZ
1.What to produce?
2.Howtoproduceit?
3.ForWhomToProduce?

7. Economic
S y s t e m s
https://flic.kr/p/dSXXyh
TypesOf

8. 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.

9. COMMAND
E C O N O M Y
https://flic.kr/p/4Q7GuU
Also known as a communist economy

10. COMMAND
E C O N O M Y
https://flic.kr/p/8HsVv1
Government controls all resources, and dictates how much to produce.

11. 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

12. MIXED
E C O N O M Y
https://flic.kr/p/brnwPM
Economy that combines elements from command and market economies.