Scribd Logo
Upload

Welcome to Scribd!

  • Chapter 2 Section 1 Economic Systems-1

    Uploaded by

    lioanad2
    8 views2 pages
    The document compares and contrasts different economic systems such as free enterprise/market economies, socialism, and communism. It discusses topics like resources, incentives, the government's role, economic plans, competition, income distribution, price controls, private property, self-interest, and the labor theory of value. It also explains that most economies are mixed because they combine aspects of capitalism and socialism. Finally, it prompts the reader to design their own ideal economic system and explains there may not be a purely perfect system.

    Original Description:

    Original Title

    Chapter 2 Section 1 Economic systems-1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document compares and contrasts different economic systems such as free enterprise/market economies, socialism, and communism. It discusses topics like resources, incentives, the government's role, economic plans, competition, income distribution, price controls, private property, self-interest, and the labor theory of value. It also explains that most economies are mixed because they combine aspects of capitalism and socialism. Finally, it prompts the reader to design their own ideal economic system and explains there may not be a purely perfect system.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views2 pages

    Chapter 2 Section 1 Economic Systems-1

    Uploaded by

    lioanad2
    The document compares and contrasts different economic systems such as free enterprise/market economies, socialism, and communism. It discusses topics like resources, incentives, the government's role, economic plans, competition, income distribution, price controls, private property, self-interest, and the labor theory of value. It also explains that most economies are mixed because they combine aspects of capitalism and socialism. Finally, it prompts the reader to design their own ideal economic system and explains there may not be a purely perfect system.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Economic systems Chapter 2 Section 1

    1. Compare and contrast the following economic systems below for each topic.

    Economic Theory Free enterprise (Market) – country Socialism (Command) – country examples
    examples

    Resources

    Incentives

    Governments role
    in the economy

    Economic Plans

    Competition

    Income distribution

    Controlling prices

    Private property

    Self-interest

    Labor theory of
    Value

    2. Why are most economies mixed economies instead of purely capitalist or purely socialist economies?
    What conclusion can you draw?

    3. What is a Traditional economy? give an example.


    4. Compare and contrast the following economic systems in the chart below.

    Economic Theories Socialism Communism (Command Economy)

    Resources

    Private property
    and private sector

    Governments role

    5. What if you were to create your own economic system. Using the information you have learned,
    design your own perfect economic system. Is there such a thing? Explain below – You can use the link
    below to help formulate some ideas

    https://www.tallahassee.com/story/opinion/2015/12/07/ideal-economic-system-combination-
    capitalism-socialism/76942694/

    You might also like