1. Mixed And Transitions

2. Rise Every type has problems Command-inefficient, little consumer freedom Traditional- no potential, no growth Market-limits toward bottom, greed, corupt Laissez Faire- “let them be” Free Market no government involvement Limits- roads, national defense etc,,, Govt- laws, regulations, EPA, Disabilities Act

3. Rise Private Property- land/property owned by individuals or companies- Govt laws to protects Protected by Constitution- govt must pay fair price if purchasing land for “public” good. Balance between “control vs freedom” Taxes? Regulations?

4. Circular Flow Model Govt in factor market Purchases land, labor, capital from individuals 2.8 million govt employees, $9.7 billion a year Product Market- Buy goods and services- phones, office equipment, tanks, cars, etc,, Also provide- 4 million miles of roads

5. Transfer Money Collecting Taxes Redistribute taxes/wealth Welfare programs Subsidies- farmers Social Security- greatest expenditure Expenditure- cost or expense

6. Comparing Mixed All different types along continuum Free Market---------------------Command US- free enterprise Private or corporate ownership of capital goods Other end- China, India, North Korea Transition- away from Centralized planning to Market-based. Privatization of industry