what are the three economic systems?
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This module introduces the three major economic systems: command, market, and mixed. We'll also discuss the characteristics and management implications of each system, such as the role of government or a ruler/ruling party.
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['Microeconomics – concerned with individual markets and small aspects of the economy.', 'Macroeconomics – concerned with the whole aggregate economy. Issues such as inflation, economic growth and trade.']
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The first way to split economics is microeconomics and macroeconomics. Microeconomics – concerned with individual markets and small aspects of the economy. Macroeconomics – concerned with the whole aggregate economy. Issues such as inflation, economic growth and trade.
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What are the three economic questions every society must answer? What goods and services should be produced? How should they be made? Who consumes these goods and services?
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Economic activities are mostly divided into four large types. These types are the primary, secondary, tertiary, and quaternary activities.
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Brief explanations are given for these characteristics of the market system: private property, freedom of enterprise and choice, the role of self-interest, competition, markets and prices, the reliance on technology and capital goods, specialization, use of money, and the active, but limited role of government.
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['(i) Economic Freedom: ... ', '(ii) Automatic Working: ... ', '(iii) Variety of Goods and Services: ... ', '(iv) Optimum Use of Resources: ... ', '(v) Efficient Producer: ... ', '(vi) Higher Standard of Living: ... ', '(vii) Incentive to efficient: ... ', '(viii) New Inventions:']
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Every society, regardless of its political structure, must develop an economic system to determine how to use its limited productive resources to answer the three basic economic questions of what, how, and for whom to produce.
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What are three questions nations ask to define their economic system? 1) What goods and services should be produced? 2) How should the goods and services be produced? 3) For whom should the goods and services be produced and distributed?
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What are the three major components of economic growth? Comment: Capital accumulation, labor force growth, and technological progress.
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Economic Systems. The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.
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Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.
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What are the three main goals of a socialist economic system? A planned economy, greater equality, and ownership of income-producing property by the state rather than private parties. 3.
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What are the differences among traditional, command, and market economic systems? ... The Command economy uses central planning and production directives from the government (communism) the market system of capitalism has many freedoms and lets the conditions of supply and demand determine major decisions.
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The three approaches to measuring economic activity are: The product approach, the income approach and the expenditure approach. They give the same answer because every output or entry in one approach is connected with the other two approaches.
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['Interest.', 'Supply and Demand.', 'Specialization.', 'Markets.', 'Capital. Human Capital. Financial Capital. Physical Capital. Social Capital. Natural Capital.', 'Externality.', 'Purchasing Power Parity.', 'Gross Domestic Product.']
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The three components of the financial system are: a monetary system, financial institutions, and financial markets.