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Today’s Objective
Compare economic systems, free markets, and economic-political systems.
The Economic Questions
1. __________ goods and services should be produced?
2. __________ should those goods and services be produced?
3. __________ should those goods and services be produced?
Each nation’s economic system is determined by how the country answers these three economic questions.
Economic Systems
Economists classify economic systems into three categories:
1. _______________ Economy - individuals own the means of production without any government
involvement; businesses compete for customers
For whom:
2. _______________ Economy – all economic decisions are made by the country’s government; wealth
is shared equally among all in order to ensure everyone’s basic needs are met
For Whom:
Are there any countries that operate purely by one economic system? Why or why not?
The United States is a mixed economy with strong characteristics of a _______________ economy. The
government has _______________ involvement in business limited by ____________ and _______________.
Nations in the world today typically follow one of three different economic-political systems that are
considered to be mixed economies.
Characterized by:
Countries include:
Poster Project
Each group will be assigned a country. Your task is to examine the societal impacts of that country’s
economic-political system. You will design a visually appealing poster to share with the class.
You should include the following:
Name of Country
Economic-Political System (capitalist, socialist, communist)
Primary resources available
o How are resources allocated?
o How much does the government regulate ownership, taxation, and distribution of
o How are marketing decisions made?
Long-Range Prospects
o Production Figures
o Prosperity Forecasts
Pictures or Graphics
Start with the following website: CIA – The World Factbook