Economic Systems and the Impact

  • What is an environment? How does it impact our lives and what changes do we make to deal with our environment?
  • Depending on the “business” environment, businesses change the way they operate
  • Businesses exist to satisfy consumer needs and wants – the economic system determines how this is done

Economic systems answer the following basic questions:

  1. Who owns the factors (means) of production?
  2. Who decides what will be produced and for whom it will be produced?
  3. Who receives the profit and how is it used?

image:Designed for Virginia Tech Libraries by Brian Craig http://bcraigdesign.com / CC BY (https://creativecommons.org/licenses/by/4.0)