The process of a nation, or society, follows to produce goods, and services Four types (traditional, command, market, mixed)

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Presentation transcript:

The process of a nation, or society, follows to produce goods, and services Four types (traditional, command, market, mixed)

IN TRUTH ALL ECONOMIES ARE MIXED

Customs decide the what, how, and for whom to produce Village life Family tradition

Government answers what, how, and for whom to produce Also called Planned Economies

Individuals answer what, how and for whom Government no say

Free exchang e of goods & services

Adam Smith ( ) Explains how market regulates economic activity

Government not involved Purely, people want to fulfill their needs and wants

Invisible hand Unaware of selfish actions helping society

Combines elements of traditional, market and command economic models

Three main categories of Mixed Economies 1.Authoritarian socialism 2.Capitalism 3.Democratic socialism

Closest to pure Command model Communism

Government owns or controls nearly all of factors of production

Closest to the Market Model Individuals own the factors of production Individuals decide the what, how, and for whom

Government ownership is limited to key areas Telephone electrical

People influence economic planning through election of government officials

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