1. Economic Systems Traditional (barter) Command Free Market Mixed

2. Traditional Advantages?Disadvantages? Eventually out of need, what was invented? Advantages? Disadvantages?

3. Eventually money was produced Motivation for a form of money? A lot easier to carry some form of vs

4. Command Economy Govt makes ALL economic decisions Pros of Communist systemCons of Communist system

5. Pros and Cons of Command economy? http://www.time.com/time/specials/2007/article/0,2 8804,1658545_1658533_1658030,00.html http://www.deere.com/en_US/docs/zmags/residential/on line_brochures/rle_literature/static/d100_series.html

6. Free Market Economy No govt involvement. Prices, wages, etc determined by “Invisible Hand” – i.e. Law of Supply and Demand Pros?Cons?

7. Mixed Economy Combines elements of Command and Free Market Very common economic system today –U.S., Britain, Germany, etc Pros? Cons?