Ch. 6 Economic Systems - Section 1 (slides 1-21)

The structure of methods and principles that a society uses to produce and distribute goods and services.

• Economic Market

• Economic System

• Economic Indicator

• Economic Security

An economic system that relies on habit, custom, or ritual to decide the three key economic questions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Identify 3 key economic questions.

• What goods and services should be produced?

• When will these goods and services be produced?

• How should these goods and services be produced?

• Who consumes these goods and services?

True/False: Each society must decide what to produce in order to satisfy the needs and wants of its people.

• True

• False

True/False: Because resources are limited, each decision that a society makes about what to produce comes at an opportunity cost.

• True

• False

True/False: Some societies limit the economic freedoms of it's people.

• True

• False

True/False: Innovation plays a huge role in economic success.

• True

• False

True/False: Societies with traditional economies are successful if they meet their own needs.

• True

• False