Deciding_on_an_Economic_System.pptx - Deciding on an...

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Deciding on an Economi c System ©L. Cielto, 2019
Economic Systems People try to improve their quality of life through economic activities Although there are many goods and services people would like to enjoy, there are limited resources to obtain these A society must therefore decide what to do with its limited resources This is why we need economic systems ©L. Cielto, 2019
Deciding on an Economic System An economic system is the system of how goods and services are produced , distributed and consumed in a country. Each nation has a variety of questions they must answer when deciding on an economic system that would work best for them ©L. Cielto, 2019
Economic Questions Nations Must Answer 1. What resources are available?2.What goods, and how much of it will be produced?3.How will these goods be produced?4.Who will produce these goods?5.For whom will these goods be produced?6.How will the finished products be distributed?

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