SS7E1a Compare how traditional, command, and market economies answer the economic questions of (1) what to produce (2) how to produce (3) for whom to produce

1
SS7E1aCompare how traditional, command,
and market economies answer the economic
questions of (1) what to produce(2) how to
produce(3) for whom to produce

• Concept
• Production Distribution - Consumption

2
ECONOMIC SYSTEMS
3
SS7E1bExplain how most countries have a
mixed economy located on a continuum between pure
market and pure command.

• Concept
• Production Distribution - Consumption

4
ECONOMIC CONTINUUM

• PURE MARKET ECONOMY
• Individuals and private businesses DECIDE what
  is produced, how it is produced, and who they
  will sell to

• MIXED ECONOMY
• Individuals and private businesses AND
  governments DECIDE what is produced, how it is
  produced, and who they will sell to

• PURE COMMAND ECONOMY
• The Government DECIDES what is produced, how it
  is produced, and who they will sell to

5
SS7E1cCompare and contrast the economic
systems in South Africa and Nigeria.

• Concept
• Production Distribution - Consumption

6
ECONOMIC CONTINUUM
Where do the economies of South Africa
and Nigeria fall on an economic continuum?

?
?
PURE MARKET ECONOMY
MIXED ECONOMY
PURE COMMAND ECONOMY
7
ECONOMIC CONTINUUM
Where do the economies of South Africa
and Nigeria fall on an economic continuum?

South Africa
Nigeria
PURE MARKET ECONOMY
MIXED ECONOMY
PURE COMMAND ECONOMY