Lesson 1 Project

Economic Questions and Vision

The two major economic systems in the world are the capitalist (free market)

economic system and the socialist economic system. The many different

countries of the world usually have an economic system in place that contains

elements of both capitalism and socialism. Since the philosophies of capitalism

and socialism are opposite, an individual country and its economic system will

answer key economic questions differently. Regardless of how much that country

or society supports either philosophy, the key questions their economic system

must answer are the same. One question that must be answered is, what

goods will be produced? Another question is how will these goods be

produced? Also there is the question to be answered, for whom will these

goods be produced? The location of the economies operation on the

production possibilities......

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Title: Economics
Approximate Word Count: 871
Approximate Pages: 4 (250 words per double-spaced page)

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