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Economic system
Economic system
Economic system
Economic system
Economic system
Economic system
Economic system
Economic system
Economic system
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Economic system

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  • as an economics teacher in a private international school here in Port Moresby Papua New Guinea I really like your slides
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  • 1. Economic System
  • 2. Economic System It is the way resources (factors of production) are controlled within a nation and how they are distributed among the nation. How these factors of production are controlled and distributed defines the economic system
  • 3. Command vs. Market Economy Command Economy Market Economy Government is not Government involved. manages all or most of the Resources distributed resources based on supply and industries and demand
  • 4. Command Economies 1.Communism The government owns the factors of production and decides how to use the resources.
  • 5. Command Economies 2. Socialism The government controls the critical but individuals can run noncritical businesses.
  • 6. Market Economy 1. Capitalism  Government is not involved;  The market is the mechanism of exchange of goods and services  Private ownership
  • 7. Advantages/ Disadvantages Command Economy • High government control • Equal distribution • No rich no poor • Communal ownership • • • • Market Economy No government control Unequal distribution Increased gap between the rich and poor Private ownership
  • 8. Mixed Economy A system featuring both command and market economies Most countries in the world are mixed economy
  • 9. Command Economy Communism Market Economy Capitalism Socialism Mixed Economy Combination of both Command and Market Economy

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