Chapter 3 - Economic Systems
Chapter 3 - Economic Systems Totaro Name: __________________
Today's Objectives -
FUNDAMENTAL QUESTIONS OF ECONOMIC SYSTEMS
What are the 5 Fundamental Questions of Economic Systems and why is each so important?
1.
2.
3.
4.
5.
What are the 6 Economic Goals a system is trying to achieve?
1.
2.
3.
4.
5.
6.
Why is it impossible to be able to accomplish all 6 goals with a single economy?
What is an economic system?
What are 3 examples of economic systems?
1.
2.
3.
Answer the questions asked on the board in the space provided below...
1. Where 3. Advantages/Disadvantages
2. Who or what 4. Preference?
ECONOMIC SYSTEMS
What is a Traditional Economy?
What is a Command Economy and who controls its production? List an example of a country with this.
What are the failures of a command economy?
What is a Free Market Economy and who controls production? List an example of a country with this.
How would you describe much of the world's economic system? Can you break it down by continent or area?
ADAM SMITH AND HIS INVISIBLE HAND
Who came up with the idea of the "invisible hand?"
Explain, in your own words, how the "invisible hand" works.
INCENTIVES AND THE FREE MARKET
How do incentives help to promote hard work and ideas in a free market economy?
Are there any failures to a free market economy? Think about this!!
What is private property and what are some examples of private property?
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- economic systems examples
- types of economic systems quizlet
- different economic systems pdf
- economic systems worksheet pdf
- how many economic systems are there
- types of economic systems pdf
- economic systems comparison
- how are economic systems classified
- economic systems activity pdf
- comparing economic systems worksheet key
- solving 3 x 3 linear systems calculator
- chapter 2 economic systems powerpoint