Intro to Macroeconomics

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Presentation transcript:

Intro to Macroeconomics Economic Systems Intro to Macroeconomics

Economic Systems Governments determine a country’s economic system All the countries in the world can be categorized into the 2 economic systems How many countries are there in the world?

Economic Systems provide answers for these: What to produce? How to produce? For whom to produce? Most controversial aspect

2 Economic Systems 1. Market economy 2. Command based economy Complete opposition of each other Capitalism vs Communism (vs Socialism)

Who gets the candy bar? Brainstorm some ideas of how we can allocate (give out) this candy bar

Allocation Mechanisms Helps decide for whom to produce Lottery First come Market Command Force Need

Economic Goals 1. Economic Equity 2. Economic ________

Economic Equity Same measure of fairness Equality Equity

Economic Goals 1. Economic Equity 2. Economic Freedom

Economic Freedom What can you not buy in the United States? WHY?? Restrictions on freedom The ability for a member of society to pursue economic activities Considering the economic freedom and economic equity are in opposition, what does this tell us about our culture?