Economic Systems

What determines the type of economic system a nation has?

According to Mrs. Kissling in her powerpoint "Economics", the factors are

1. priorities such as food and clothing

2. history

3. culture

4. geography

5. political situation

Download: teachers.oregon.k12.wi.us/skissling/Business/Economics.ppt

Slide 10 

The Command Economy 

https://www.youtube.com/watch?v=JDWlRv44Gnc

Did you know?

1. Traditional economies are mostly practiced in less developed countries.

2. The United States qualifies as a mixed economy with more of a market economy than a command economy.

3. In a command economy, the government or political leader controls the market. However, in a market economy, it is the exact opposite as the consumers make the choices.

4. There isn't such thing as a perfect economic system. If there was, then there wouldn't be several systems.

5. There are no pure command economic systems, but there are some countries that were close to being there.