Economic System notes.notebook March 19, 2015 · 2018. 9. 10. · Economic System notes.notebook 2...
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Economic System notes.notebook 1 March 19, 2015 Mar 16-10:14 AM
Economic System notes.notebook March 19, 2015 · 2018. 9. 10. · Economic System notes.notebook 2 March 19, 2015 Oct 1-9:00 AM Economic Systems Goods and services are produced by
Goods and services are produced by a country's economic
system
The economic system includes all the factors of production,
rules and regulations concerning goods and services
Factors of Productions-natural resources
-labour (people)
-capital (money)
-management
3 Questions must be answeredWHAT goods and services are to be
produced?HOW to make the goods?WHO will receive the goods and
services that are produced?
The Economic Systems that we will look at are:Free Enterprise
(United States)
Centrally Planned Economy (North Korea, China, Cuba)
