CRASH COURSE ECONOMICS #3: ECONOMIC SYSTEMS AND
MACROECONOMICS QUESTIONS AND GRADED ANSWERS,
100% GUARANTEE
3 important questions about economic systems - What to produce?
How to produce it?
Who gets it?
factors of production - land, labor, capital
planned economy - government controls the factors of producation
free market/capitalist economy - individuals own the factors of production, and the
government keeps adopts a laissez-faire (or hands-off) approach to production, commerce, and
trade
communism (communist economy) - a classless society; a social order where everyone
owns the factors of production and output is distributed equally.
socialism (socialist economy) - there is both private property and some government
ownership and control of industry
command economy - the government makes all economic decisions.
invisible hand - the automatic or unintended social benefits resulting from individual
actions that control the economy (Businesses that are efficient and sell products that people want
will be more successful.)
role of the government (not free market) - 1. maintain the rule of law (laws, police,
contracts, and courts),
MACROECONOMICS QUESTIONS AND GRADED ANSWERS,
100% GUARANTEE
3 important questions about economic systems - What to produce?
How to produce it?
Who gets it?
factors of production - land, labor, capital
planned economy - government controls the factors of producation
free market/capitalist economy - individuals own the factors of production, and the
government keeps adopts a laissez-faire (or hands-off) approach to production, commerce, and
trade
communism (communist economy) - a classless society; a social order where everyone
owns the factors of production and output is distributed equally.
socialism (socialist economy) - there is both private property and some government
ownership and control of industry
command economy - the government makes all economic decisions.
invisible hand - the automatic or unintended social benefits resulting from individual
actions that control the economy (Businesses that are efficient and sell products that people want
will be more successful.)
role of the government (not free market) - 1. maintain the rule of law (laws, police,
contracts, and courts),
