Section 1 Answering The Three Economics Questions Pp Ppt Download If you wish to download it, please recommend it to your friends in any social system. "section 1 answering the three economics questions pp"— presentation. Due to scarcity, societies and countries are forced to make some difficult decisions.; to aid in this process different systems have evolved over time. economic system – the method used by a society to produce and distribute goods and services based on its values and goals.
Section 1 Answering The Three Economics Questions Pp Ppt Download 3 economic goals societies answer the three economic questions based on their values and goals. economic goals making the most of resources economic efficiency freedom from government intervention in the production and distribution of goods and services economic freedom assurance that goods and services will be available, payments will be made on time, and a safety net will protect individuals. 16 review questions identify the three key economic questions every society must answer. analyze the societal values that determine how a country answers the three economic questions explain the characteristics of traditional, command, and market economies and describe the societal values that influence them. Presentation transcript. 1. market economies • also called capitalist or private enterprise systems features are: • productive resources are predominantly owned by the private sector • economic decision making is decentralised, i.e. the level of government intervention is low • economic motivation is self interest (utility or profit) 2. Problems of a centrally planned economy. section 3 assessment 1. in a socialist country, (a) central planning is unnecessary. (b) the government often owns major industries, such as utilities. (c) an authoritarian government controls the economy. (d) economic equality is not important. 2.
Section 1 Answering The Three Economics Questions Pp Ppt Download Presentation transcript. 1. market economies • also called capitalist or private enterprise systems features are: • productive resources are predominantly owned by the private sector • economic decision making is decentralised, i.e. the level of government intervention is low • economic motivation is self interest (utility or profit) 2. Problems of a centrally planned economy. section 3 assessment 1. in a socialist country, (a) central planning is unnecessary. (b) the government often owns major industries, such as utilities. (c) an authoritarian government controls the economy. (d) economic equality is not important. 2. Presentation transcript. chapter 2economic systems long term objective (lto) explain the three economic systems. slideshow is online • mmhs • teachers • kraus, connie • econ resources page • chapter 2 slideshow. ch 2, section 1short term goals (stgs): • identify the three key economic questions that societies governments face. The document discusses the three economic questions that must be answered by an economic system in distributing scarce resources: 1) what goods and services should be produced? this addresses balancing production of different goods like military vs consumer goods or education vs police funding. 2) how should goods and services be produced?.
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