Economic Systems - Co Teach

What is Economics?

• The Study of plants and animals,

• The study of how people make choices to satisfy their wants and needs.

• The study of rocks and minerals.

• The study of weather patterns.

What is traditional economics?

• A system where the government controls all the economic decisions.

• A system where individuals and families make economic decisions based on customs and traditions.

• A system where prices are determined by supply and demand.

• A system where the businesses decide what to produce based on profit.

What is command economics?

• A system where business and individuals make all the economic decisions.

• A system where prices are determined by supply and demand.

• A system where the government controls all economic decisions.

• A system where there is no government intervention in the economy.

What is market economics?

• A system where businesses and individuals make economic decisions.

• A system where the government controls all economic decisions.

• A system where prices are determined by supply and demand.

• A system where there is no government intervention in the economy.

What is mixed economics?

• A system where businesses and individuals make economic decisions.

• A system where prices are determined by supply and demand.

• A combination of market and command economies, where both government and individuals make economic decisions.

• A system where the government controls all economic decisions.