Textbook Notes (369,014)
Canada (162,338)
Economics (923)
ECN 204 (282)
Amy Peng (21)
Chapter 2

ECN 204 Chapter 2 Notes.docx

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ECN 204
Amy Peng

ECN 204 Chapter 2 Notes Economic Systems Economic System a particular set of institutional arrangements and a coordinating mechanismto respond to the economic problemThe economic system determines what goods are produced how they are produced who gets them how to accommodate change and how to promote technological progress Two general types of Economic SystemsThe Command System o Command System AKA socialism or communism the government owns most property resources and economic decision making occurs through a central economic planThe Market System o Market System AKA capitalism is characterized by the private ownership of resources and the use of markets and prices to coordinate and direct economic activity Characteristics of the Market SystemPrivate Property the right of private persons and firms to obtain own control employ dispose of and bequeath land capital and other propertyFreedom of Enterprise and Choice o Freedom o
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