1. Class Definition
Class Definition
The government controls ALL economic decisions: What to make; How to make it; and Who gets the products once they are made.
Consumers and the producers answer the questions of production What to produce? How to produce? And for whom to produce?
Command
Economy
Market
Economy
Pictures
Pictures
Your Definition
Your Definition
DIRECTIONS:
Write the definition in your own words and draw another picture to represent the definitions. Then cut them out and paste them to index cards.
Class Definition
Most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
Traditional
Economy
Pictures
Your Definition