3 Basic Economic Questions

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Presentation transcript:

3 Basic Economic Questions 1 WHAT is produced? HOW are G&S produced? 2 3 FOR WHOM are G&S produced? Economic Systems 4 ANSWERED BY: 5 MIXED COMMAND MARKET Combination of command and market Most countries inc. USA Centrally planned; socialism/communist gov’t answers 3BQs USSR, Cuba, No. Korea Producers & consumers answer 3BQs thru supply & demand & voluntary exchange 7 6 8 10 9 Judged by their ability to meet economic… Growth 11 12 Equity Freedom 13 Stability 14 Efficiency 15 Security 16

3 Basic Economic Questions 1 2 3 4 ANSWERED BY: 5 7 6 8 10 9 Judged by their ability to meet economic… 11 12 13 14 15 16

3 Basic Economic Questions 1 WHAT is produced? HOW are G&S produced? 2 3 FOR WHOM are G&S produced? Economic Systems 4 ANSWERED BY: MIXED COMMAND MARKET Combination of command and market Most countries inc. USA Centrally planned; socialism/communist gov’t answers 3BQs USSR, Cuba, No. Korea Producers & consumers answer 3BQs thru supply & demand & voluntary exchange 5 7 6 8 10 9 Judged by their ability to meet economic… Growth 11 Equity 12 Freedom 13 14 Stability Efficiency 15 Security 16

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