IB 150 Lecture Notes - Lecture 6: Economic System, Planned Economy

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IB 150 – Lecture 6
Economic systems
Market Economy:
All productive activities are privately owned.
Determined/driven by competition
Teams up with capitalism
Ex: US
Command Economy:
Goods and services produced, their quantity, and prices are determined by the
government.
Ex: China - it has changed though, more like an open door policy now, which
introduced capitalism into China and privatized much of the economy
Ex: Cuba and North Korea are pure command economies
Mixed Economy:
Parts of the economy are left to private ownership and free market mechanisms
while other sectors are state-owned and have government planning.
Ex: Germany has state participation in the economy, very cooperative
Different than US government participation, behaves like the police over
the economy
State-Directed Economy:
The state plays a significant role through its “industrial policy” and setting
national goals.
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