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Economics 8272007 - to motivate coordinate and direct...

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Economics The Market System August 27, 2007 Economic System- A particular set of institutional arrangements and a direct mechanism to respond to the economizing problem. It has to determine what and how goods are produced, who gets them, how to accommodate change, and how to promote technological progress. Economic systems differ as to who owns the factors of production and the method used
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Unformatted text preview: to motivate, coordinate, and direct economic activity. Two polar systems: the command system and the market system. The Command System Known as som or communism The government owns most property resources and economic decision making occurs through a central economic plan. Central planning board makes all of the decisions such as ....
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