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?

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