Econ: Economic Systems

Dog Taking Test


Chapter 2 Quiz

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Economic Systems Preview

Just as forms of government vary from one nation to the next, so do economic systems. People and societies organize economic life to deal with the basic problems raised by scarcity and opportunity cost through what is called an economic system. An economic system can be described as the collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision making. A nation’s values and goals influence its choice of economic systems. An economic system is a way of organizing the production and consumption of goods and services. Economic systems exist because people must meet certain needs to survive. These survival needs include food, clothing, and shelter. In addition, people have endless wants. Such wants may include things that make life more comfortable, more entertaining, or more satisfying in some way.



Read & take notes Chapter 3.2 (pp.37-41)



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