Format and Instructions for Assignment #3

Standard: SSEF4
Title: How different economic systems answer the three basic econmic questions

1.The three basic econmic questions that every society must answer is:
- What to produce?
- How to produce it?
-For whom will it be produced?

2.An economic system is the system of production, distribution and consumption of goods and services of an economy. The four types of economic systems are:
-Market Economy
ex: An example of a market economy is the United States. For those of you who don't know, a market economy is where the resources of a country are owned and controlled by the people of the country, rather than the government.

-Command Economy
ex: Cuba, North Korea, China, Russia and Iran.are current examples of economies that are closest to perfect command economies.. An economy that is planned and controlled by a central administration.

-Traditonal Economy
ex: In a traditional economy everything essentially proceeds as it always has. It is controlled by tradition (hence the name) and by culture.The only examples of traditional economies are ones where little has changed for centuries - it was used by aborignal Americans and still is by some African and South American tribes.


- Mixed Economy
ex: The definition of mixed economy remains somewhat subjective. Both the US and Cuba have been refered to as mixed economies as all economies are to some extent or another mixed. Pure capitalism and pure communism have never and most likely can never exsist. The world's developed nations are the most common examples of mixed economies.

3. The Market Economy is controlled by the buyers and sellers, The Command econmy is controlled by the goverment, the traditonal economy is based on custom and the mixed economy is a mixture od capitilism and socialism.

4.The U.S federal government regulates private enterprise in numerous ways . Traditionally , the government has sought to prevent monopolies such as electric utilities from raising prices



5.The economic system that the childern pursued was the traditional economy because they were doing as they were taught.

6.All of the elements are apart of the market economy except for the government regulation because that deals with the command economy and the traditional economy deals with social involvement.

My first week back to school!!!!

SO MY FIRST WEEK BACK TO SCHOOL WAS KIND OF A DRAG. I WASN'T HAPPY WITH SOME OF MY CLASSES BUT I WILL MANAGE. THEY CHANGED THE LUNCH SCHEDULE WHICH MADE IT WORSE BECASUE I BECOME WE HAVE TO EAT AFTER ANOTHER SCHOOL. ON THE OTHER HAND I HOPE THIS SCHOOL YEAR IS THE BEST YEAR. THIS IS THE LAST OF THE BEGINNING. YAYYYYYY MAY 2011 HERE WE COME!!!!!!!!!