Economic Questions Chapter 2 Section 1.

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Presentation transcript:

Economic Questions Chapter 2 Section 1

Identify three key economic questions that all societies must answer. WHAT goods & services should be produced? HOW should these G & S be produced? WHO will consume these G & S?

Depending on how the 3 questions are answered depends on the type of economy the nation uses. Free Market (section 2) Command (section 3) Mixed (section 4)

These goals sometimes conflict Economic Goals Economic Efficiency Economic Freedom Economic Security Economic Equity Economic Growth These goals sometimes conflict

Assignment: Define: Economic System Factor Payment Profit Safety Net Standard of Living Innovation Traditional Economy

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