Economic systems

What is economics?

• Study of our culture

• Study of how people make decisions based on our wants and needs

• Study of our limited resources

• Study of the government

What are unlimited wants?

• things we would like to have

• Things we need to survive

• Things used to make food

• Things used for technology

What is an example of unlimited wants?

• Food

• Clothing

• Shelter

• Vacation

What are needs?

• Study of how people make decisions

• Things we would like to have

• Things required for survival

• The limited resources

What are limited resources?

• thing we would like to have

• Things required for survival

• Non-renewable resources

• Government control

Traditions and customs guide economic decisions is

• Traditional economic system

• Command economic system

• Market economic system

• Mixed economic system

Factories are concerned with quotas is

• Traditional economic system

• Command economic system

• Market economic system

• Mixed economic system

Resources are owned by individuals or businesses is

• Traditional economic system

• Command economic system

• Market economic system

• Mixed economic system

Little or no technology use is

• Traditional economic system

• Command economic system

• Market economic system

• Mixed economic system

Resources are owned by the government is

• Traditional economic system

• Command economic system

• Market economic system

• `mixed economic system