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[DOC File]Three Basic Economic Systems
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Lastly, since an economic system produces wealth, it must be decided how the wealth us shared. Wealth is either shared evenly or unevenly. No country has a pure economic system. Instead it is best to think of countries as falling along a spectrum between a purely planned economy (communism) and an unplanned economy (capitalism).
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[DOC File]Traditional Economy
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Traditional Economy. A Traditional Economy is a system where the allocation of available resources is made on the basis of inheritance. As a deep-rooted economic theory with well-built social set-up, Traditional Economies generally make use of prehistoric instruments and techniques.
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[DOC File]Economic Systems
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A command economic system is sometimes confused with a dictatorship. A command economy often is run by a dictator such as Stalin or Castro, but democracies can also have large elements of command in the economy. ... Rational individuals realize that their best interests are tied up with the continued best interests of others, in the long-run.
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[DOC File]Economic Systems Activity
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Ask students to determine which system is best and why. This activity works great if you have at least one communist/idealist, socialist, and capitalist. I always try to be devil’s advocate if no one argues for one. Bring in the government’s role in each economy. I usually give a follow-up assignment.
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[DOCX File]Preliminary Economic Concepts and Principles:
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The economic system determines how a society will answer the “Three Fundamental Economic Questions” The “mechanism” by which an economy answers these questions is referred to as an . economic system. Comparative Economic Systems – subfield of economics that compares and contrasts the structure and performance of different economic ...
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[DOCX File]Loudoun County Public Schools
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Which economic system do you like best? Why? Think about job satisfaction, decision-making, motivation, and quality of life. Compare the systems to explain why you like one system over the others. Which economic system was most profitable? Why?
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[DOC File]MARKET ECONOMY - CAPITALISM
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The centrally planned economy is an economic system where the means of production (land. labor. capital) are all owned and controlled by the government or state on behalf of the people. The basic economic questions are all answered by the government or state - …
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[DOC File]WordPress.com
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Economists generally recognize four basic types of economic systems—traditional, command, market, and mixed—but they don’t completely agree on the question of which system best addresses the challenge of scarcity. A traditional economic system is—here's a shocker—shaped by tradition.
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[DOC File]Economic Systems - White Plains Middle School
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Command – an economic system in which the government makes all the economic decisions. Communism is an example of a command economy . Mixed – combination of market and command economies. Major Economic Systems. Capitalism – an economic system based on private ownership and on the investment of money in business ventures in order to make a ...
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[DOC File]CHAPTER 2
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An economic system is a set of institutions and a coordinating mechanism to respond to the economizing problem. The command system (also called socialism or communism) is based primarily on extensive public ownership of resources and the use of central planning for most economic …
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Which economic system is best