BF10 Principals of Business and Finance Types of Economic Systems

1. UNDERSTANDING
Economic
S y s t e m s
https://flic.kr/p/5qXwdZ

2. https://flic.kr/p/aPrCNP
TypesOf
Part3:
Economic
Systems

3. Economic
S y s t e m s
https://flic.kr/p/7VhPft
Nations’ plans for answering three main economic questions.

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1.What to produce?

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1.What to produce?
2.Howtoproduceit?

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1.What to produce?
2.Howtoproduceit?
3.ForWhomToProduce?

7. Economic
S y s t e m s
https://flic.kr/p/dSXXyh
TypesOf

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. COMMAND
E C O N O M Y
https://flic.kr/p/4Q7GuU
Also known as a communist economy

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. 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. MIXED
E C O N O M Y
https://flic.kr/p/brnwPM
Economy that combines elements from command and market economies.