Economic Systems Basic Economic Questions to Answer (What? How? For Whom?Who?) What goods and services will be produced: How will they be produced? a For whom will they be produced? a Who owns and controls the major factors of production? a Market Economy(Capitalism) Planned( Command) Economy(Socialism and Communism) a Mixed Economy (private and public)Economic Systems Basic Economic Questions to Answer: (What? How? For Whom? Who?) ◼ What goods and services will be produced? ◼ How will they be produced? ◼ For whom will they be produced? ◼ Who owns and controls the major factors of production? ◼ Market Economy (Capitalism) ◼ Planned (Command) Economy (Socialism and Communism) ◼ Mixed Economy (private and public)