1. What each system has to offer

2. Recall
Recall that each system focuses on certain economic goals more than others
What were these goals?
Economic freedom, growth, stability, equity, security, efficiency
What are some of the other characteristics of these systems?

3. Private ownership (property)
Property Rights – the right to own land/ideas/resources
Command – gov’t tends to regulate what is best for certain types of property
Pure Market – completely privately owned
Mixed Market – Privately owned AND protected by the gov’t, but keeping in mind that it could still be used for the common welfare of that nation – meaning if it’s better for everyone

4. Profit/Wealth
Profit Motive – most producers (businesses/firms) are driven by profit, which often leads to competition and FAIR prices
Command – Gov’t controls prices, which means they control profit, which means competition is not promoted, which can mean unfair prices and not strive to be innovative
Pure Market – no prices controls or regulations leads to competition, but lacks any regulations to protect consumers or innovation : ( People can steal your ideas
Mixed Market – Promotes competition and innovation , gov’t only interferes to regulate and protect consumers or producers

5. Consumer Sovereignty Consumer Sovereignty – consumer choice
Self-Interest = seeking what is best for me
Command – since gov’t controls prices, they’re aren’t a lot of choices or desire to shop around – prices will be the same no matter where they go. Lack of competition leads to fewer choices.
Pure Market – competition allows consumers to shop around for best products/prices, but lack of gov’t can lead to VERY unstable prices – unsafe products
Mixed Market – consumers have many choices, but gov’t can regulate products and prices in certain circumstances

6. Government Regulation
Command – Gov’t controls factors of production, prices, competition, distribution of wealth
Pure Market – No government controls on prices, factors of production, distribution of wealth, competition
Mixed Market – New PowerPoint