chapter 3

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Chapter 3 Economic system Ways of organizing society to decide what, how and for whom to produce goods and services
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Why are there economic systems? Scarcity o Never enough of everything to go around o Every society must find a way to divide what it has based on its need Countries need to determine: o How to gather resources o Who uses resources
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Three basic question To produce ? To produce ? what what For who m For who m how how
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Traditional Command Market Mixed FOUR ECONOMIC SYSTEMS
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Traditional economics What to produce? People follow customs and make what their ancestors made How to produce? People make goods th same way that their ancestors did For whom to produce? People make things for the village Goods are exchanged for other goods in a system called
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