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An overview of different types of economic systems, including market economies (also known as capitalism), mixed economies, and planned economies. the key characteristics of each system, such as government involvement, private property, competition, and consumer choice. It also discusses the influential figures and concepts related to these economic systems.
What you will learn
Typology: Study notes
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(United States) Mixed Economy (Canada) Planned Economy (Cuba, China North Korea)
more gov't involvement less gov't involvement Zoo (^) Game Reserve Jungle
Mixed Economy
Planned Economy
How would you describe a
Which economies do these two metaphors describe? Jungle Zoo
The American Economy
The basic motivation in the Market Economy is to make (^) $$$$$!
A Very Important Dude …
The goal of a market economy is to best meet the desires of consumers. The consumer is the king!
Positives (^) Negatives
Monopoly - a market in which there are many buyers but only ONE seller. What does this mean for prices?