Entrepreneurship Intensive Training ECONOMIC WORKSHOP Entrepreneurship Intensive Training

WORD SPLASH goods wants government exchange services needs consumers Essential Question: What is an economy? Use the words on this page to write a definition for economy. exchange services needs consumers

Definition Economy How producers, consumers and the government decide how to exchange goods and services to meet needs and wants of society

What are the types of economic systems? Market Command Traditional Mixed

Economic questions: WHAT goods and services will be produced? HOW will goods and service be produced? FOR WHOM will goods and services be produced?

MARKET ECONOMY ALL businesses owned by private citizens

COMMAND ECONOMY ALL businesses owned by the government.

Traditional Economy A economy where social roles and culture determine the economy.

Mixed Economy An economy that has features of more than one of the economic systems.

Economic Continuum

Pure vs. Mixed Now that you have learned about the different types of economic systems, where do you think the United States is on this continuum? Be prepared to share your answer. Pure Command Pure Market

Summarizing Activity- Last Word E C Write words or phrases that show what you have learned about the economy. O N O M Y