Topic 03: Economic Systems

Introduction to Economic Systems

• The Basic Economic Problem
• Resource Allocation
• Questions of Allocation
• Conflict of Interest

Economic Systems

• Economic Systems
• Types of Economic Systems

Market Economy

• Introduction
• Features
• Advantages
• Disadvantages

Planned Economy

• Introduction
• Features
• Advantages
• Disadvantages
• Why do governments exercise control over the economy
• Differences between Market and Planned economies

Mixed Economy

• Introduction
• Features
• Advantages
• Disadvantages
• Roles of government in a Mixed Economy