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Understanding Economic Systems and Decision Making in Nations

Explore the fundamentals of national decision-making in economics and the individual's role in the economy. Learn about the three major questions guiding economic systems and models, such as traditional, command, and market economies. Dive into the economy of Canada and the former Soviet Union, examining objectives and challenges faced.

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Understanding Economic Systems and Decision Making in Nations

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  1. Ch. 2 National Decision Making CIE3M1 The Individual and the Economy Mr. Nicholson

  2. Three Major Questions • What are we going to produce? • How is it produced? • Who receives how much?

  3. Answers For The Three Major Questions • Pure Traditional Economy • Pure Command Economy • Pure Market Economy

  4. Economic Systems Model

  5. Market ØPrivate property rights ØProfit ØConsumer Sovereignty ØSelf-Interest ØCompetition

  6. The Economy of Canada ØMixed market economy

  7. Objectives (E.C.C.) • Full Employment • Stable Prices • Balance of Trade • Economic Growth • Economic Justice • Economic Freedom • Economic Efficiency • Reasonable Debt

  8. Economy of the Former Soviet Union ØFailure of coordination ØInadequate quality control ØLack of incentives ØPollution

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