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Integrating Economic Analyses: Types of Economic Systems

Integrating Economic Analyses: Types of Economic Systems. Command. Mixed. Market. Mostly private ( individual or business) ownership of economic resources Bias toward entreprenuial innovation Invisible hand, laizzez faire, propety rights , and individualism The Philosophy

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Integrating Economic Analyses: Types of Economic Systems

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  1. Integrating Economic Analyses:Types of Economic Systems Command Mixed Market Mostly private (individual or business) ownership of economicresources Biastoward entreprenuial innovation Invisible hand, laizzez faire, propetyrights, and individualism The Philosophy of Capitalism Government ownership of the factors of production –land, capital, labor, technology Bias toward large-scale, capital intensive production Visible hand of the man, central planning and collectivism The Philosophy of Communism Government and private ownership of economic resources mixed in varying proportion Goal of balancingeconomicefficiency but protectingagainst the excesses of greed and self-interest

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