Posts tagged economic systems

The three fundamental economic questions:

• What to produce?
• How to produce?
• For whom to produce?

There are three economic systems, we will concentrate for now on the first three:

• Traditional Economy
• Market Economy
• Command or Planned Economy
• Mixed Economy (we will study this later)

Study one of the first three, collaborate with others in a group, and produce something (presentation / video / report) to explain it in as simple terms as possible. Be warned, many of the websites listed below are very complicated. So, as well as these, use your text books, own general research, your teacher if possible, and each other. Make sure you divide your work up fairly between the members of your group.

Here are some guiding questions:

• What is this type of economy?
• How does it answer the three fundamental economic questions? How does it work?
• Who uses a this type of economy? In what parts of the world are they found? Give examples.
• Advantages of a this type of economy?
• Disadvantages of this type of economy?

Traditional Economy

Click here to see some useful websites for researching about traditional economies.

Market Economy

Click here to see some useful websites for researching about market economies.

Power of the Market – Invisible Hand by LibertyPen

Command (or Planned) Economy

Click here to see some useful websites for researching about command (also known as ‘planned’) economies.

General

Click here to see some useful websites which refer to more than one of the economic systems, usually to compare them.

Economics :: Week 11, Part C by icarpcast

If you find any more good websites please email them to me … james@opengecko.com