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Unit 6 – PART 2 – THE AMERICAN ECONOMIC SYSTEM15. What are the various types of economic systems worldwide?Type of Economic SystemCharacteristicsHow answer the basic economic questionsTraditionalCommandMarketMixedAll economies are actually mixed economies. What determines whether or an economic is considered market or command depends on the level of ______________________________ involvement.Centrally Planned Free Market17. Who developed the principles of a market economy? __________________________18. What was the Wealth of Nations (1776)? ________________________________________________________________________19. What did Smith mean by Laissez-faire economics? ________________________________________________________________________20. Explain his concept of the invisible hand? ________________________________________________________________________Economic SystemsMarket Economies (pg 716)Individual FreedomCompetitionDealing w/ ExternalitiesHigher per capita GDPCommand Economies (pg 717-718)SocialismCommunismGovernment ControlSlow GrowthMixed Economies (719)DefinitionGoal of Government InterventionDirect role of governmentIndirect role of governmentWhat we’ve learned so far…Learn what these are be able to talk about them from memory and receive Wolfbucks.Economics – the study of…Microeconomics vs MacroeconomicsNeeds vs wantsScarcitytrade-offsopportunity costThe four factors of production Basic Economic questionsTypes of economic systemsInvisible handlaissez faire ................
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