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3 Questions
3 questions every society
must answer
allocation of resources
• What goods shall be produced?
• How will the goods be produced?
• For whom will the goods be produced?
How a society answers those questions
defines its economic system.
Think about a very small society
• What goods shall be
• How will the goods be
• For whom will the
goods be produced?
• “Market Economy”
• Free Enterprise
• Characteristics:
• “Command Economy”
• Communism
• Characteristics
Private Ownership of Resources
Government Ownership of Resources
Government plays a small role
Government Controls the Economy
No central economic plan
Government creates a central plan
Variable Income Distribution
Government may redistribute income
(income distribution)
Market supply and demand sets
prices so prices fluctuate
May use price controls to regulate market
Free Enterprise
Ownership of resources; private property?
Governments Role in the Economy?
Intervention in the Market; the role of price?
Why is the United States considered a mixed economy?
Why is the United States considered a mixed economy?
• With your partner, create a list in your
notes of all the ways you can think that
prove that the US is a mixed economy.
• Create a spectrum.
Free Enterprise________________________Socialism
• Research these 5 countries. (Hint: CIA World Factbook)
– India, Cuba, Canada, Australia, Sweden
– One additional country of your choice
• Place them in their appropriate place on the spectrum
• Write a brief explanation of why you placed them where
you did.
Homework: Create a mini-poster.
• For the country you’ve selected, please research the following:
– Where is it?
– What are the natural resources?
– What is its economic system?
– What is produced?
– How is it produced?
– For whom is it produced?
What is government’s role in the economy?
Does it have a “free market”?
Is there private property?
Role of exports and imports?
Per capita income
Other Economic Facts ?
Hint: User CIA World Factbook
United States
It’s located….
Mixed Economy because…
• Visually
• Include all info