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Concept: Production – Distribution - Consumption

SS7E1a Compare how traditional, command, and market economies answer the economic questions of (1) what to produce (2) how to produce (3) for whom to produce. Concept: Production – Distribution - Consumption. ECONOMIC SYSTEMS.

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Concept: Production – Distribution - Consumption

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  1. SS7E1aCompare how traditional, command, and market economies answer the economic questions of (1) what to produce(2) how to produce(3) for whom to produce Concept: Production – Distribution - Consumption

  2. ECONOMIC SYSTEMS

  3. SS7E1bExplain how most countries have a mixed economy located on a continuum between pure market and pure command. Concept: Production – Distribution - Consumption

  4. ECONOMIC CONTINUUM • PURE MARKET ECONOMY • Individuals and private businesses DECIDE what is produced, how it is produced, and who they will sell to • MIXED ECONOMY • Individuals and private businesses AND governments DECIDE what is produced, how it is produced, and who they will sell to • PURE COMMAND ECONOMY • The Government DECIDES what is produced, how it is produced, and who they will sell to

  5. SS7E1cCompare and contrast the economic systems in South Africa and Nigeria. Concept: Production – Distribution - Consumption

  6. ECONOMIC CONTINUUM Where do the economies of South Africa and Nigeria fall on an economic continuum? ? ? PURE MARKET ECONOMY MIXED ECONOMY PURE COMMAND ECONOMY

  7. ECONOMIC CONTINUUM Where do the economies of South Africa and Nigeria fall on an economic continuum? South Africa Nigeria PURE MARKET ECONOMY MIXED ECONOMY PURE COMMAND ECONOMY

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