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Lecture

Types of Economic Systems
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by Anu J
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Department
Economics
Course
ECON 1000
Professor
Kieran Furlong
Semester
Fall

Description
thMicroeconomics ECON 1000DAY 3September 13 Types of Economic SystemsMany types of economic systems patriarchal slave feudal socialist communistic we focus on the market systemMarket system of economicspurchase and sale transactions between economic actors households and firms determine the allocation of resources in a market o One position on market economies let people do whatever they want and they will do good things and they will be productive and everything would be good they would automatically go to full employment and therefore full productivity o The price mechanism determines the allocation of resources in a
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