Format and Instruction for Assignment #3 Standard:SSEF4

• The three basic economic questions that every society(economic system) must answer are "What to produce,How to produce, and For who to produce.
• An economic system is the method used by a society to produce and distribute goods and services.The four types of economic systems are market economy(capitalist) buyers and sellers answer the 3 basic economic questions,command economy-a central authority that makes all decisions(cuba,N.Korea,China)and government owns all means of production,traditional economy which is based on tradition and customs; determined by members of society,and mixed economy has a combination of economic systems

• In the market economy the buyers and sellers answer the basic questions,command economy the government only answer the questions,tradional the answers are based on customs and beliefs and determine by the members of society.
• The united States is a free and diverse economy, so therefore all economy systems are included
• The economic system used by the inuit is traditional because it was a tradition for that child to learn how to do the task by watching the adult do it first then trying to do the task afterwords,so basically the task was passed down.
• For profit motives all the economic groups want to make money. For private ownerships it would be the market economy and the traditional economy,for command economy the government controls everything, and for consumer sovereignty it would be market economy also.