PDF Economic Systems Notes - polk.k12.ga.us
Economic Systems
Economic Systems
Countries must decide how to distribute its resources to meet the
needs of its people.
Countries do this through an economic system.
Economic Systems
An Economic System is the way a society organizes the production, distribution, and
consumption of good and services.
Vocabulary Break
In small groups, sort the pictures provided as examples of production,
distribution, or consumption
Economic Systems
There are 3 basic types of economic systems that have to answer three basic questions:
(1) What to produce? (2) How to produce? (3) For Whom to produce?
Economic Systems
WHAT TO PRODUCE? (What kinds of goods and services should be produced?)
HOW TO PRODUCE? (What productive resources are used to produce goods and services?)
FOR WHOM TO PRODUCE? (Who gets to have the goods and services?
The way a society answers these questions determines its economic system.
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