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Economic systems

Economic systems. Analysis Who makes the economic decisions ? Who possesses the Factors of production ? How are the resources allocated ? How are goods and services distributed ?. Market Economy. Minimum interference from the State

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Economic systems

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  1. Economic systems Analysis Who makes the economic decisions? Who possesses the Factors of production? How are the resources allocated? How are goods and services distributed?

  2. Market Economy • Minimum interference from the State • Factors of Production owned by private businesses and private people • Resources are supplied according to supply and demand • Distribution of Goods and services motivated by profits

  3. Planned Economy • State has full control of the economy – Dictatorship • No private ownership of the Factors of Production • Government controls the supply of goods and services • Prices set by the government – goods and services are rationed

  4. Mixed Economy • Economic decisions made by the state and private individuals • Factors of production owned by the state and private individuals • Resources are distributed according to supply and demand • Distribution of goods and services motivated by profits and the needs of the people

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