Economic systems and the public and private sectors
Every country has to decide what to produce, how to produce it and who gets it. The way it makes those decisions is its economic system. Paper 1 almost always asks which system fits a description, and which is most typical of the Caribbean.
By the end of this page you can
- Tell the public sector from the private sector, with an example of each
- Differentiate among traditional, command, free market and mixed economies
- Define economic system, price mechanism, public sector and mixed economy
- Name the type of economy from its features
Goals tick themselves off as you try the activities below.
Photo: Gzzz, CC BY-SA 4.0, via Wikimedia Commons. Cropped, resized, JPEG q72.
In a market, buyers and sellers settle what is sold and at what price. A government decides other things, such as who runs the hospitals.
How often it shows up in past papers
All papers22 of 23 papers
Last 55 of 5 · 2023–2026
Paper 1 counts come from our past-paper bank of CSEC Principles of Business Paper 1s. The last-5 row shows how often it came up in the five most recent papers.
Inside this topic
- Who producesLocked
- Four systemsLocked
- Key termsLocked
- Test yourselfmarkedLocked
- Practise for real · 27 past questionsLocked