Excerpt From this Document
What are economic systems?
- Needs: Food, Clothing, Shelter
- Basic Questions
- Allocation of scarce resources and nearly all other economic activity stems from ritual, habit, or custom.
- Central authority answers most of the three basic economic questions
- Examples: former soviet union, feudalism
- An economic system in which individuals answer the economic systems
About this Document
This was originally a lecture done on PowerPoint, but was converted to a pdf. You can still view it like a PowerPoint (without individual bullet points coming in separately) using the FULL SCREEN view mode on Adobe Acrobat (VIEW > Full Screen Mode). Topics covered: Traditional, Command, and Market Economies