Economics :: Types of Economic Systems (Wk 12, Pt A)

VIDEO SUMMARY Nations - as well as individuals - respond to scarcity and answer the three basic economic questions of what to produce, how to produce, and for whom to produce. A nation's answers to these questions are determined by its economic system, or the way that a nation or society is organized to produce and distribute goods and services. Economists have identified three types of economic systems: traditional, command, and market. These pure economies are models that no longer exist. Rather, mixed economies have elements of these pure models. Because mixed economies vary in their characteristics, economists classify them by their degree of government control. VIDEO OBJECTIVES - Describe how the three basic economic questions are answered in traditional, command, and market economies - Explain the roles of self-interest and incentives in a market economy - Describe the types of mixed economies that exist today HIGH SCHOOL SOCIAL STUDIES CONTENT EXPECTATIONS (MI) - E.3.1: Economic Systems (3.1.3, 3.1.4) WEEK 12 RESOURCES Instructional Video Notes for Economics :: Week 12 - http://goo.gl/WKgdE Quizlet flashcards for Economics :: Week 12 - http://quizlet.com/_7pygx Information and illustrations, where applicable, are used under 17 U.S.C. § 107 (fair use in teaching and for educational purposes) from Holt Economics (Holt Rinehart & Winston, 1997)