Assignment 3 - February 3, 2011

Traditional Economies
although there aren't any countries with pure traditional economies anymore, parts of the following countries are using traditional economy
1. China
2. Africa
3. Peru
4. Mexico
5. Iran

Command Economy
1. China
2. Vietnam
3. Laos (by Burma)
4. Cyprus
5. North Korea

Market Economy
1. Canada
2. United States
3. India
4. Germany
5. Switzerland

Three Basic Economic Questions on Canada
1. What should be produced?
Goods that are wanted by the citizens should be produced.
2. How should it be produced?
It should be produced in the cheapest way that can still create high quality and yet the resulted profit is at its optimal position.
3. For who should it be produced?
All the citizens, depending on the target market.