Title: (Optional) Compare economic systems.
Course: Principles of Business and Marketing (12051-18) > Section: Understanding the Role of Economics in a Global Economy

Comparison should include the following concepts:

- Traditional economy, in which goods are produced the way they have always been produced
- Command economy, in which resources are owned and controlled by the government
- Market economy, in which private enterprise drives the economy (as found in societies with democratic forms of government where individuals control the economy)
- Mixed economy, in which government-operated and/or government-regulated enterprises are combined with individually owned enterprises

Process/Skill Questions:

- How are traditional (custom-based), command (centrally planned and directed), and market (private enterprise) economic systems different from each other? How are they similar?
- What is the difference between pure and mixed economic systems?
- What would be the effect of a pure market economy?
- What are some examples of each economic system today?
- How does each type of economy answer the three main economic questions?
- What are the roles of entrepreneurs in each type of economy?
- What are the roles of government in each type of economy?
- What is bartering?