ECONOMIC SYSTEM

  1. List and describe the different types of economic systems. a) Command Economy System: A large part of the economic system is controlled by a centralized power. An economy in which production, investment, prices, and incomes are determined centrally by a government. b) Free Market Economy System: Individual owns the factors of production. Private business make things like cars to earn profit. c) Mixed Economy System: An economy where the prices and factors of productions are controlled by the government and private enterprises.
  2. how are resources distributed and decision made under each systema) Command Economy System: All resources are allocated by the government. b) Free Market Economy System: Private enterprises or businesses decides the prices, what to produce, how to produce and for whom to produce. c) Mixed Economy System: The market is more or less free of government ownership except for a few areas like transportation or sensitive industries like defense and railroad.
  3. where does Canada fit and explain (answer the questions at the bottom of this page)Canada is a mixed economy because neither the government nor the private businesses decides everything. It is a mix between a market economy and command economy
  4. include an IMAGE or two that show economic systems and their features
Image result for economic system
  1. WHO OWNS THE RESOURCES?Mixed Economy System– Some of the resources would be owned by private businesses, while some would be owned by the government. Command Economic System– All resources would be owned by the Central power. Market Economic System- Almost everything is owned by individuals and private businesses and not by the government. Traditional Economic System– Goods produced usually come from a source near the society; almost always from the land or the water.
  2. Examples of socialist policies in Canada: (list and describe 3)
  1. Free health care.
  2. Free education until grade 12.
  3. Insurance if you lose you job.

Examples of free enterprise policies in Canada:  (list and describe 3)

  1. Have the ability to own private property.
  2. Ability to own private business.
  3. Can vote for our Leaders (Prime Minister, Premier, Mayer, etc.)