Lesson 2 Economic Systems, Production and Government

Lesson 2 Economic Systems, Production and Government - #2...

Info icon This preview shows pages 1–2. Sign up to view the full content.

#2: Economic Systems, Production and Government Economic System: Set of laws, institutions and common practices that help a nation determine how to use its scarce resources to help satisfy the wants and needs of its people. The three types of economic systems are: Traditional Economic System Command Economic System Market Economic System Mixed Economy: An economic system, such as Canada’s, that contains elements of market, traditional, and command systems. Most economies are mixed. The fundamental production questions: Because a society’s wants exceeds its available resources, decisions need to be made to use the resources wisely. What to produce? How to produce? For whom to produce? Characteristics of a Pure Market Economy: Private Property Rights: Right of individuals and corporations to own not only consumer goods, but capital goods (factories, machinery). Provides the basis for a pure market economy.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern