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Understanding Economic Systems: Types of Economic Systems

BF10 Principals of Business and Finance
Types of Economic Systems

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Understanding Economic Systems: Types of Economic Systems

  1. 1. UNDERSTANDING Economic S y s t e m s https://flic.kr/p/5qXwdZ
  2. 2. https://flic.kr/p/aPrCNP TypesOf Part3: Economic Systems
  3. 3. Economic S y s t e m s https://flic.kr/p/7VhPft Nations’ plans for answering three main economic questions.
  4. 4. https://flic.kr/p/fBT7uZ 1.What to produce?
  5. 5. https://flic.kr/p/fBT7uZ 1.What to produce? 2.Howtoproduceit?
  6. 6. https://flic.kr/p/fBT7uZ 1.What to produce? 2.Howtoproduceit? 3.ForWhomToProduce?
  7. 7. Economic S y s t e m s https://flic.kr/p/dSXXyh TypesOf
  8. 8. Traditional E C O N O M Y https://flic.kr/p/8292JW Goods and services are produced based on customs and are centered on family.
  9. 9. COMMAND E C O N O M Y https://flic.kr/p/4Q7GuU Also known as a communist economy
  10. 10. COMMAND E C O N O M Y https://flic.kr/p/8HsVv1 Government controls all resources, and dictates how much to produce.
  11. 11. MARKET E C O N O M Y https://flic.kr/p/o6Qwp7 Resources & production are controlled by people, and the law of supply & demand
  12. 12. MIXED E C O N O M Y https://flic.kr/p/brnwPM Economy that combines elements from command and market economies.

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