Title: (Optional) Describe the major economic systems.
Course: Opportunities in Global Trade (12056-I) > Section: Exploring the Realities and Fluctuations of the Global Economy

Description should include the major differences and similarities among the four primary types of economic systems in the world: traditional, command, market, and mixed.

Description should also include the major differences and similarities among capitalism, free-enterprise, socialism, and communism.

Process/Skill Questions:

- What are the major economic systems?
- What are the three basic economic questions that each country must answer in identifying the type of economic system?
- How are the three basic economic questions answered by each economic system?
- What are the advantages and disadvantages for each economic system?
- What are examples of countries representing each economic system? What major effects has each country's economic system had on its way of life?
- What challenges does a nation face when their economic system is in transition?
- Why might a country transition from one economic system to another?
- How can an economic system affect international trade?
- How might the United States be affected by the economic transition of other countries?