UNDERSTANDING

Economic S y s t e m s

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Types Of

Part 3:

Economic

Systems

Economic S y s t e m s

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Nations’ plans for answering three main economic questions.

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1. What to produce?

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1. What to produce?

2. How to produce it?

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1. What to produce?

2. How to produce it?

3. For Whom To Produce?

Economic S y s t e m s

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Types Of

Traditional E C O N O M Y

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Goods and services are produced based on customs and are centered on family.

COMMAND E C O N O M Y

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Also known as a communist economy

COMMAND E C O N O M Y

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Government controls all resources, and dictates how much to produce.

MARKET E C O N O M Y

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Resources & production are controlled by people, and the law of supply & demand

MIXED E C O N O M Y

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Economy that combines elements from command and market economies.