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Section 3 Economic Systems

Section 3 Economic Systems. Chapter 15 Comparative Political And Economic Systems. Economic Systems. Main Idea

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Section 3 Economic Systems

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  1. Section 3 Economic Systems Chapter 15 Comparative Political And Economic Systems

  2. Economic Systems Main Idea Economic systems can be characterized by three basic types: traditional, market, and command. Nearly all nations today have mixed economies, meaning they have some combination of traditional, market, and command features.

  3. Focus Questions • How has India’s economy changed since their independence? • What are the basic economic questions? • What are the factors of production? • What are the four types of economic systems? • Who is Adam Smith? • Who is Karl Marx? • What are the advantages and disadvantages of socialism? • What are the advantages and disadvantages of communism?

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