Economic Systems (McFadden)

Do Now:

Briefly describe the first three sectors of economic activity.

What are the three economic questions?

Explain the economic spectrum, why are ALL countries really mixed economies?

Industrial Revolution and Economics.mp4

describe the forces that determine the distribution of goods and services in free enterprise, socialist, and communist economic systems using guided notes, and class discussion.

10(A) 10 (B)

Economic Systems updated ( McFadden )

Vocabulary: resources scarcity free enterprise economy command economy socialist economy traditional economy economic spectrum

Free Market vs. Command Economy Nations Across the Globe

Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself. Meaning, some government regulation is a necessary component for a free and fair economic system. The question is to what extent government regulations are effective or even counter productive to people's economic freedom? This is largely the subject of "politics."

The truth behind the Economic Spectrum:

Because there is no such thing as an economic system that is pure free market or pure command - all have some degree of government control and free enterprise ideas mixed together.