Economic Systems
Economic Systems
3 Types of Economic Systems
• __________________________
• __________________________
• __________________________
Traditional Economic System
▪ People rely on _______________ and very simple __________________ trading.
▪ Producers and consumers make choices based on what has been done in the past.
▪ Often economic decisions are handed down from _______________________________
▪ Example – _______________________
Command Economic System
▪ The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the _____________________________
▪ The ________________________________ decides what goods will be produced, and how they will be distributed.
▪ Is run by a strong centralized government and tends to focus on______________________________.
▪ Benefits
▪ ________________are controlled
▪ People know how much everything will cost
▪ _____________________ items are priced high
▪ Clothing & Housing ________________
▪ Health care & education provided for __________________
▪ Problems
▪ Trying to predict what type of ________________ people will need
▪ Can lead to having __________________of one good and __________________ of another
Capitalism/Market Economic System
In a market economy, national and state governments play a _______________role.
▪ ____________________________and their buying decisions drive the economy.
▪ A market economy is controlled by the forces of_____________________________.
▪ Allows business owners to compete in the market with ________________ government control. However, the role of government is important.
Capitalism/Market Economic System
▪ Decisions are left to ___________________________________________ and the forces of supply and demand to determine what is produced and its value.
▪ Example - ________________
▪ Benefits
▪ Consumers can find the goods they _____________
▪ Free to earn enough ___________________ as they want
▪ Problems
▪ Goods and services go _____________ in price
▪ If a _______________________ does not manage its money well it can go out of business (people loose their jobs & income)
There are no pure free market or pure command economies in the world. All economies are___________________.
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