Argonaut Social Studies
Introduction~ What are the three basic types of economies?
Why are there economies in the first place?
Traditional Economies~ What is a traditional economy?
Why do some societies still use a traditional economic system?
What to produce?
How to produce?
Who gets what is produced?
Who owns the resources?
Why are traditional economies normally small?
Where are traditional economies located in the world?
Command Economies~ What is a command economy?
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Under a command economy, what does the government control?
When did command economies originate?
Government Decision Who makes most economic decisions under a command economy?
Making~
How much choice and power do the average consumers have?
Who gets what?
Market Economies~ What is a market economy?
What is the "market" of the market economy?
What role does the government have under a market economy?
Decision Making by Individuals~
Who makes most of the economic decisions under a market economy?
Competition~
Profit Seeking~ What is profit?
How does profit motivate people in the market economy?
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Free Enterprise and What is free enterprise?
Capitalism~
What is capitalism?
Modern Day Economics~ What is a "mixed economy?"
Examples: China~ What type of economy did China have up until the 1980s?
How did China change after the 1980s??
Examples: The United States~ Why is the United States considered a mixed economy?
8.7.4 Describe characteristics of the basic economic systems.
 traditional economy
- economic decisions based on custom and historical precedent
- people often perform the same type of work as their parents and grandparents
 command economy
- centrally planned economy
- central ownership of property/resources, usually by government
- lack of consumer choice
 free market economy- individual choice
- consumer demand drives what is produced
- profit motive
- competition
- private ownership of property/resources
- minimal government involvement in the economy
 no country relies solely on markets
8.7.5 Describe the characteristics of a mixed-market economy.
 individuals and businesses as owners and decision makers in the private sector

 government as owner and decision maker for public sector greater government role than in a free-market economy and less than in a command economy
 most economies today (including the United States) are mixed economies
8.7.6 Describe the characteristics of the United States economy.
 markets generally operate without undue interference from the government
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 prices are determined by supply and demand
 private property
 profit
 competition
 consumer demand drives what is produced
 government involvement is limited
 most decisions regarding production of goods and services are made in the private sector (private businesses)
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