Economic Systems - About
Economic Systems
|What is an Economic system? |
|A system that involves the production, distribution and consumption of goods and services to address the community’s wants and needs. |
|What are the key questions that are addressed by these systems? |
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|What to produce? |How to produce? |For whom to produce? |
|Compare these Economic Systems and how these answer the Key Questions |
|Traditional |Command |Market |
|Social roles and culture determine prices, how goods and |An economy where production and price are regulated by the |Citizens and businesses make most of their own economic decisions. The|
|services are produced, and which consumers are allowed to buy |government rather than market forces. Government planners |government does not set prices, tell businesses what to produce, or |
|certain goods. For instance, buying a tractor might depend on |decide which goods and services are produced and how they are |tell people where to work. Business owners compete in the market with|
|a family’s social status. This economic system is dominated |distributed. Also sometimes called a “planned economy” |little government regulation. In a free market economy, many |
|by methods and techniques that have strong social support but | |businesses produce similar goods or services. There is competition and|
|are usually old- fashioned and out of date. Because of this, | |rivalry among businesses to sell goods to consumers and make the |
|these systems are rare and usually occur in small rural areas.| |greatest profit. To achieve this, a company may offer an improved |
| | |product, manufacture it more cheaply, or sell it at a better price. |
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