Ch. 2: Economic Systems & the American Economy

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Ch. 2: Economic Systems & the American Economy Section 1: Economic Systems

What is an economic system? A way in which a nation uses resources to satisfy people’s wants and needs, based on its values and goals. Make a mental list of your goals for the next year. U.S. teen vs. North Korea teen or a Diaguita living in Argentina. The economic system in which people live strongly influences their personal goals, as well as their needs and wants.

What 3 questions must all economic systems answer? What should be produced? Diesel Trucks vs. Electric Cars

Also must answer: HOW MUCH TO PRODUCE? How should it be produced? Must decide how the combination of available resources will get the job done for the least cost. Also must answer: HOW MUCH TO PRODUCE?

For Whom Should It Be Produced? The US based on a price system Lottery System Majority Rule Military Force Sharing Equally The question, Who should produce what?

The 4 economic systems and their differences They differ on how they answer the 3 basic questions of What to Produce?, How to Produce? and For Whom to Produce? The 3 main economic systems are models, not examples of the real world. No “pure” system really exist.

Traditional System Things are done the way they’ve always been done…. Based on customs and beliefs.

Command Economy Government leaders control the factors of production.

Market System Individuals, not the government own the factors of production decide what to produce and how to produce it Economic decisions are determined in the market between buyers and sellers determine how resources are used and prices are set.