ANSWER KEY
ANSWER KEY
ECONOMY COMPARISON CHART
Directions:
Locate information about how each economic system answers the 3 basic economic questions:
| |TRADTIONAL |COMMAND |MARKET |
| |SYSTEM |SYSTEM |SYSTEM |
|WHAT TO PRODUCE? |By custom – whatever |The government decides what should be|Consumer choices dictate the |
| |was produced in the past |produced. |success of |
| | | |goods/services |
| | |The government owns most of the means| |
| | |of production. | |
|HOW TO PRODUCE? |By custom – however |The government does the planning for |Business leaders choose the means |
| |items were produced in the past |production: factory locations, the |of production |
| | |occupations of workers and their | |
| | |salaries |Their goal is the most |
| | | |efficient and profitable methods |
|FOR WHOM TO PRODUCE? |By custom – whoever |The government controls the |The consumers’ income determines |
| |usually received |distribution system for |who receives which goods/services |
| |products will again |goods/services: housing, | |
| |receive them |transportation, consumer | |
| | |items and sets prices | |
Economics: pertaining to an economy, or system of organization or operation, especially of the process of production.
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