Notes
Economic systems
Content of the notes (2)
Page 1
Economic systems
economic systems are used for a better allocation of resources
Market: a place of exchanges and allocation of resources occur
Market economy:
Majority of goods are provided by private businesses and relies on the least on public sectors for the provision of goods and services
good and services are freely exchanged and prices are decided by individual suppliers
suppliers bargain for higher offers // buyers more willing to pay less
Mixed economy:
Where public and private sectors both provide goods and services
Planned economy:
Small scale private sectors
lots of government intervention // government makes all economic decisions
most land and capital are owned by government
Page 2
Information
- Description
- IGCSE Economics (Unit 2: The allocation of resources) Note on Economic systems, created by Cassie Wong on 27/05/2017.
- Created by
- Cassie Wong
- Views
- 0
- Rating