Economic Systems w/ques.

What to produce, how to produce, and for whom to produce

How to increase population

When to hold elections

Where to build schools

An economy where resource allocation is based on ritual, habit, and custom.

An economy where the government makes all economic decisions.

An economy driven by free market forces.

An economy based on technological innovation.

The Amish

The Mbuti in Africa

Australian Aborigines

Silicon Valley entrepreneurs

The government or central authority

Individual consumers

Private businesses

Foreign investors

It is capable of dramatic change.

It encourages individual entrepreneurship.

It has a high degree of consumer choice.

It relies on traditional customs.

Many public services are available at little or no cost.

People and businesses act in their own best interest.

Able to adjust to change gradually.

Lacks incentives to work.

Does not meet the wants and needs of consumers

Lacks incentives to work

No room for individuality

Able to adjust to change gradually

The government

People and businesses

Military leaders

Religious leaders

Individual freedom for everyone

Centralized government control

Limited consumer choices

Guaranteed job security

What, How, and For Whom

When, Where, and Why

Who, What, and Where

How, When, and Why