What will be produced? How will it be produced? Who will benefit?

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What will be produced? How will it be produced? Who will benefit? Economic Systems What will be produced? How will it be produced? Who will benefit?

Traditional Economies Three questions are answered on the basis of customs, social patterns, religion, or other ideas handed down through time.

Terms associated with traditional economies: Subsistence economy Non-industrialized Agricultural (rural) Barter system Dual economy Examples: Chad, Haiti, Rwanda

Command Economies The state makes all economic decisions. The government owns and operates means of production.

Terms associated with command economies: Planned economy Communism Examples: Cuba, North Korea, Laos

Market Economies Economic decisions are made by individuals in the marketplace.

Terms associated with market economies: Free market Free enterprise Capitalism Demand economy Examples: United States, Japan

Mixed Economies Mixed economies have features of both command and market economies. There are no pure economies—they exist along a continuum from pure capitalism to command. UK, US, Singapore

What is important to understand about this? The way that countries answer the three basic economic questions can have a great effect on their economies.

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