Homework for Monday, September 14th

Below is a copy of the handout given in class today. You will need your economics book to help you complete the questions. If you need an extra copy just copy the one below and paste onto a word document and create spaces for yourself.

See you Tuesday!

Economic Systems of the World (Tradition-Based and Command)

Tradition-Based
Please read pages 24-26 in the Economics book to help you answer these questions.

1. What are the four basic questions that economic systems answer?
a.

b.

c.

d.

2. What determines which goods and services are produced in a Tradition-Based Economic system?

3. What determines how goods are produced and distributed in a Traditional economic system?

4. Google different groups of people that live a traditional existence (just make a list here)

5. Are there any advantages to a system like this? (examples from the book and from class)

6. Are there any disadvantages to a system like this? (examples from the book and from class)

Command Economic System
Please read pages 24-26 to help you answer these questions.

7. Please describe what a pure Command economic system is like? (make bullet points)

8. List the types of governments that embrace a Command economic system:

9. Are there any advantages to a system like this? (There “supposedly” are – see if you can think of them)

10. Are there any disadvantages to a system like this? (Good Grief! There are – see if you can think of them)

11. More Google - Identify/List as many countries in the world today that you can find embracing a Command Economic system.