PB HLTH 126 Lecture 3: Socialism and Capitalism

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Department
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Goals of economic system: efficiency and equity
There is strong support for a free market economy across advanced, emerging and
developing economies, but variation exists across countries
Even though china and Vietnam government central, their marketing is merging
to free markets
Economics is the social science that analyzes the production, distribution, and
consumption of goods and services
Two key goals:
Improving efficiency
Enhancing equity
Free-market capitalism: firms control resources and make economic decisions
by responding to consumer demand (U.S)
Socialism: government controls resources and makes economic decision based
on people's need (Former Soviet Union)
Lecture 4
Thursday, January 31, 2019
11:12 AM
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Document Summary

There is strong support for a free market economy across advanced, emerging and developing economies, but variation exists across countries. Even though china and vietnam government central, their marketing is merging to free markets. Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Free-market capitalism: firms control resources and make economic decisions by responding to consumer demand (u. s) Socialism: government controls resources and makes economic decision based on people"s need (former soviet union) Why are we studying free markets and competitive prices. To show that the competitive market is a goal because it can raise society"s standard of living. Create incentive to produce and distribute the appropriate quantities of each good and service that generate max output. To explain limitations of the competitive model as a goal with respect to equity. To explain limitations of the competitive model in predicting equilibrium price and quantities in healthcare.

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