Economic Systems Traditional (barter) Command Free Market Mixed.

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Presentation transcript:

Economic Systems Traditional (barter) Command Free Market Mixed

Traditional Advantages?Disadvantages? Eventually out of need, what was invented? Advantages? Disadvantages?

Eventually money was produced Motivation for a form of money? A lot easier to carry some form of vs

Command Economy Govt makes ALL economic decisions Pros of Communist systemCons of Communist system

Pros and Cons of Command economy? , _ _ ,00.html line_brochures/rle_literature/static/d100_series.html

Free Market Economy No govt involvement. Prices, wages, etc determined by “Invisible Hand” – i.e. Law of Supply and Demand Pros?Cons?

Mixed Economy Combines elements of Command and Free Market Very common economic system today –U.S., Britain, Germany, etc Pros? Cons?

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