Chapter3: The Fundamental Economic Problem: Scarcity And Choice
Section: Chapter Questions
Problem 5DQ
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Transcribed Image Text:economic system influences the way in which a country's economic activities
A country's economic system dictates how resources are allocated, what goods a
services are produced, and how these goods and services are produced. A coanty
the centrally planned economic syste
In a planned
the economi
whom to pre
planned ece
organised and how businesses operate.
learn about:
Three main economic systems are use
advantages
throughout the world. They are;
Origins
The conce
the free market economic system
receive m
the mixed economic system.
proposed
factors o
The roles of the government, entreprene
the goo
and labour are different in each of the
economic systems. In the units that follo
vou will learn more about the origins ana
After th
impler
even
characteristics of these three economic
we km
centr
systems.
econ
of a country dictates what goods are produced.
Ch.
The
Activity 2.1 Define an economic system
Explain the economic problem of scarcity.
Identify three economic questions that have to be answered as a result of
the economic problem.
Explain, in your own words, an economic system.
Imagine living in a country where the government makes all decisions
about what will be produced and who will consume the goods and
(2
1.
2.
(3
(3
3.
4.
services provided. Give one advantage and one disadvantage of this type
(2)
of economic system.
Imagine living in a country where the only goods and services provided are
produced by private individuals seeking to make profits. Give one advantage
and one disadvantage of this type of economic system.
5.
(2)
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