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  • Econ Chapter 2 Notes

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    John Johnson
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    This document contains class notes on comparing different economic systems. It defines some key vocabulary and outlines three basic economic systems - traditional, command, and market - asking questions about what will be produced, how it will be produced, who it is produced for, who controls resources, how resources are allocated, and the role of government under each system. The notes are intended to help students better understand how societies address scarce resources to meet needs and wants.

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    In-Class notes related to Chapter 2 in the textbook

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    This document contains class notes on comparing different economic systems. It defines some key vocabulary and outlines three basic economic systems - traditional, command, and market - asking questions about what will be produced, how it will be produced, who it is produced for, who controls resources, how resources are allocated, and the role of government under each system. The notes are intended to help students better understand how societies address scarce resources to meet needs and wants.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    20 views2 pages

    Econ Chapter 2 Notes

    Uploaded by

    John Johnson
    This document contains class notes on comparing different economic systems. It defines some key vocabulary and outlines three basic economic systems - traditional, command, and market - asking questions about what will be produced, how it will be produced, who it is produced for, who controls resources, how resources are allocated, and the role of government under each system. The notes are intended to help students better understand how societies address scarce resources to meet needs and wants.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 2

    jjohnson@jpsonline.

    org

    http://mr-johnson.us

    Chapter 2; Sections 13 InClass Notes:

    Notes: Comparing Economic Systems


    NOTE: While we will discuss each system in detail together, it is always helpful to read your textbook to understand them in more depth!

    Some basic vocab to understand: Society: Resources: Allocate: Government:

    Utopia: _________________________________________________________________________ The Background:

    The Problem:

    The Ultimate Question:

    How will our society use scarce resources to meet peoples wants and needs?
    Which then leads to the following 3 questions: 1.

    2.

    3.

    Societies must then develop _____________________ _____________________ to try to answer those questions. An economic system is:

    Mr. Johnson

    9/18/13

    page 1

    jjohnson@jpsonline.org

    http://mr-johnson.us

    Three Basic Economic Systems


    Traditional
    What will be produced?

    Command

    Market

    How will it be produced?

    For whom will it be produced?

    Who owns/ controls the resources?

    How are those resources allocated?

    What is the role/purpose of government?

    Mr. Johnson

    9/18/13

    page 2

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