2.05 Quiz Review Mixed or Modern Economies

2.05 Quiz Review Mixed or Modern Economies

10/2/2020

Agenda

• 2.05 Quiz

• Exit ticket

• ´Standards

  ´4. Economic systems differ in the ways that they address the three basic economic issues of allocation, production and distribution to meet society’s broad economic goals.  

  ´

  ´9.2.3.4.2  Compare and contrast the characteristics of traditional, command (planned), market-based (capitalistic) and mixed economic systems.

  ´For example: Characteristics—ownership of resources, consumer sovereignty, amount of government involvement, underlying incentives, compatibility with democratic principles. How does each system answer these questions: What to produce? How to produce? For whom to produce?   

2.05 Mixed or Modernized Economy

Not all economies are strictly free, traditional or command.

A mixed economy is an economic system that combines tradition and the free market with limited government envolvement.

Laissez Faire

Some economists that promote free market economies are strongly against government involvement in the economy. They believe that the economy will take care of the needs of consumers if it is left to run on its own. This concept of limited or no government involvement is called "laissez faire," meaning "hands off."

Government involvement

• What are some examples of government involvement in the Economy?

• Does the US have a mixed/modern economy?

Page seven review

Economic structure