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Economic Systems

Traditional (barter) Command Free Market Mixed. Economic Systems. Traditional. Advantages?. Disadvantages?. Eventually out of need, what was invented?. Disadvantages?. Advantages?. Eventually money was produced. Motivation for a form of money? A lot easier to carry some form of vs.

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Economic Systems

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  1. Traditional (barter) Command Free Market Mixed Economic Systems

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

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

  4. Command Economy Govt makes ALL economic decisions Pros of Communist system Cons of Communist system

  5. Pros and Cons of Command economy? http://www.time.com/time/specials/2007/article/0,28804,1658545_1658533_1658030,00.html http://www.deere.com/en_US/docs/zmags/residential/online_brochures/rle_literature/static/d100_series.html

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

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

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