1. Entrepreneurship Intensive Training
ECONOMIC WORKSHOP
Entrepreneurship Intensive Training

2. 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

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

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

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

6. MARKET ECONOMY
ALL businesses owned by private citizens

7. COMMAND ECONOMY
ALL businesses owned by the government.

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

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

10. Economic Continuum

11. 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

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