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Title: Economic Systems
Description: These notes detail the different economic systems, from centrally planned economies to mixed economies, as well as capitalist elements, public goods, etc.
Description: These notes detail the different economic systems, from centrally planned economies to mixed economies, as well as capitalist elements, public goods, etc.
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I
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Questions:
1
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WHO should produce them?
3
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Economic Goals
1: Economic Efficiency = Make the most of resources and eliminating waste
Ex
...
Economic Freedom = Free from gov’t interference regarding choices, owning property,
make a profit
...
3
...
Economic Security = Economic protection for needy
...
Social security, food stamps, welfare,
disability, affordable care act
5
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Gov’t price controls (mins + maxs)
6
...
Free Market Capitalism
-An economic system in which economic questions are answered by voluntary exchanges between
CONSUMERS and PRODUCERS
A
...
Adam Smith
Wealth of Nations = book
-Laissez Faire (hands off economy = no gov’t interference)
-Invisible Hand directs = Self interested individuals guided by competition produce what is best
for society
How: Producers create what consumers want + competition forces these goods to be
made w/ HIGH QUALITY and sold at the LOWEST PRICE
C
...
Restaurants),
Economic Freedom (Free to produce, free to purchase)
Growth/Innovation (Competing for consumer’s choice)
D
...
Central Planning Economy
-Gov’t makes production + distribution decisions aka Gov’t answers the questions
Goals = Economic Justice (no social hierarchy)
Economic security (basic needs fulfilled by gov’t ex
...
kid decides to knock out all his teeth for more $ from tooth fairy
A
...
People won’t produce more or better than required b/c no motive (no growth/innovation)
IV
...
Tragedy of the Commons
-Tendency for shared foods that are shared to be abused/overused
Ex
...
Public Good
-Good that is NON EXCLUSIVE + NON RIVALROUS (someone can’t be kept from using it and that in
using that good, someone else is not kept from it either)
Ex
...
Externality
-Indirect costs/benefits of an economic transaction (impacts a party indirectly involved)
Ex
Title: Economic Systems
Description: These notes detail the different economic systems, from centrally planned economies to mixed economies, as well as capitalist elements, public goods, etc.
Description: These notes detail the different economic systems, from centrally planned economies to mixed economies, as well as capitalist elements, public goods, etc.