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Understanding Economic Systems: Traditional, Command, and Market

Explore the study of production, consumption, and distribution of goods and services in different economic systems. Learn how countries answer key questions related to what, how, and who receives goods. Discover traditional, command, and market economic systems.

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Understanding Economic Systems: Traditional, Command, and Market

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  1. Economics The study of production, consumption, and distribution of goods and services.

  2. Every country has an economic system…. • And, attempts to answer three questions • What are we going to produce? • How are we going to produce it? • Who is going to get it?

  3. Three Basic Economic Systems • Traditional • Command • Market

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