In a formal paragraph, tell me which economic system you believe is the best. Consider your needs and wants. All systems had their advantages and disadvantages – which one do you support?
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In a formal paragraph, tell me which economic system you believe is the best. Consider your needs and wants. All systems had their advantages and disadvantages – which one do you support?
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- What type of economy is best?I give you a country and you tell me which economic system they have. Your choices are command, socialist, or market. North Korea, Cuba- United States- Germany, France-Select the statement that accurately describes traditional economies. Traditional economies determine what goods are produced through customs, traditions, and beliefs. Traditional economies are based strictly on agriculture. In a traditional economy, the government controls what goods and services are produced. There are no longer any societies that use a traditional economy.
- What are economic issues?How is capitalism thought to benefit society?Answer the questions at the top of the table for each of the Economic Systems. For your answers you will need to write in complete sentences. Make sure to use the words: private ownership, consumer sovereignty, profit motive, competition, and government regulation. Who controls the resources? How do we decide who gets the resource/product? Who decides what is How do we produced? decide how to produce? Command Market Mixed