1. Command, Traditional, Market
Economic Systems
Command, Traditional, Market

2. 3
Types Of
Economic Systems
Traditional
Command
Market

3. 3 Questions Of Allocation What to produce? How to produce?
Who to produce for?

4. Traditional Little room for change
Relies on past habit to answer production questions
Traditional
Little room for change

5. Command Central or main government answers production questions
Government tends to own or control main resources
Can be democratic (socialist) or authoritarian (dictator)

6. Consumers and producers answer production questions through voluntary trade
Market
Capitalism
-Consumers decide what is produced
Producers decide how it will be produced
Income depends upon the resources you have to sell

7. Command Economy Market Economy Resource Ownership What to produce
Price Setting ability
Decision on How to produce
Social Goals
Customer Access
Consumer ownership
Government ownership
Consumers decide
Government decides
Government decides
Supply and demand decide
Government decides
Producers decide
Government selects social goals
Market decides social goals
Purchasing ability decides who can access
Government decides who can access