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.