Introducing Economics - Different economic systems
7 important questions on Introducing Economics - Different economic systems
What is a planned or commando economy?
Where all the economic decisions are taken by the government.
Give an example of totally planned economy in late 2000s?
Give an example of totally free-market economy in late 2000s?
1. N.Korea
2. Cuba
1. Hong Kong
2. USA
What is the informal sector and give examples?
Where no money changes hands.
1. clubs, societies, charities
2. cooking, cleaning, gardening etc.
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What is subsistence production?
Where people provide for themselves, like growing own food, build their own shelter etc.
How does the price mechanism work?
Shortages result in prices rising and surpluses result in prices falling.
What will happen when the price keeps on falling?
This will happen until the surplus had thereby been eliminated.
problems of a free market?
1. Competition betweem firms is often limited
2. Lack of competition and high profits may remover the incentive for firms to be efficient
3. Power and property may be unequally distributed
4. Practices of some firma may be socially undesirable
5. Socially desirable goods would not be produced
6. Macroeconomic instability
7. Selfishness, greed, materialism
8. Fail to meet various social objectives
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