Name:
Economic Systems
Quick Notes
A. After viewing the “Economic Systems” presentation you learned each economic system must answer 3
basic economic questions. These questions are:
1. What to produce
2. How to produce
3. For whom to produce
B. You also learned in the presentation about the basic characteristics of each systems. Briefly complete the
information for each of the economic systems below:
How are 3 questions
answered?
Advantages
(Choose any 1)
Disadvantages
(Choose any 1)
The government
answers them
Theoretically all
citizens basic needs
are provided for
No individual freedom
to chose
Individuals answer
them
Individual freedom
Basic needs not taken
care of for everyone
Individuals and
government answer
them
Government can
regulate businesses if
they are causing harm
Too much "red tape"
Command
Free Market
Mixed
C. As discussed in the presentation videos, countries must decide what to produce using their scarce
resources. What is one thing our country and U.S. businesses are choosing to use our scarce
resources to make more of during the Covid-19 outbreak?
Medical supplies such as masks for hospital employees.