1. CHAPTER 3 SECTION 3 Identify and explain basic economic concepts
WALT
WASI
Identify and explain basic economic concepts
Compare and contrast
Various types resources
The four types of economic systems
Explain the significance of trade and how a country’s economic development is measured

2. Natural Resources Essential for economic development
Not equally distributed among countries and land
Three main categories
Renewable
Non-renewable
Unlimited

3. Economic Systems Economy—Production and exchange of goods and services
Four different types
Traditional economy
Command economy
Market economy
Mixed economy

4. Traditional Economy Good and services traded Money rarely used
The OLDEST system of all

5. Command Economy
Production of goods and services is decided by the government
Government owns most of the resources and businesses
Planned economy

6. Market Economy Supply and Demand is determined by the people
Demand Economy
Capitalism

7. Mixed Economy
Means of production are shared between the private and public sectors
All modern economies are mixed
Dual economy

8. Economic Growth and Development