Intro: Topic 1.3 -- Economic Systems
Published at : 02 Nov 2021
Hey Everyone! I’m Mr. Willis, and You Will Love Economics!
In this video, I will:
- Define economic systems, identify the most common systems around the world, and
name the economists who advocated these systems
- Discuss the fundamentals of the free-market, centrally-planned, and mixed economic
systems
- Discuss the differences between economic systems, how each answers the essential
economic questions of "what", "how", and "for whom", and then how the market can fail
through allocative and productive inefficiency
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