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Economic Systems

Chapter 2 Notes
by

Justin Pintar

on 11 September 2014

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Transcript of Economic Systems

Economic
Systems

Mixed Economy
Command
Economy
Market Economy
Chapter 2
Sections 1 and 2
How a nation uses its resources to satisify its wants and needs
System in which the individuals in a nation own the factors of production and determine how to use them
Combination of MARKET and COMMAND economic systems.
What to produce?
How should it be produced?
For whom should it be produced/How should it be distributed
The 3 Economic ?'s
System in which the government controls the factors of production and determines how to use them.
Also called SOCIALISM
Also called CAPITALISM
Markets
Free exchange of goods and services between buyers and sellers
Most countries fall into this category, including the United States
USA
Limited
Role of
Gov't
Free
Enterprise
Freedom
of Choice
Adam Smith:
Wealth of
Nations
Laissez-Faire
Regulation
Profit
Incentive
Competition
Private
Property
Individuals own the factors of production and decide how to use them
A mixed economy
Full transcript