Lecture 1

Lecture 1 - Spring 2011 Macroeconomics Lecture 1 Overview...

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Macroeconomics Lecture 1 Overview of Macroeconomics Chapter One: (page 5,6,7) a. Macroeconomics is concerned with the overall performance of the economy. It studies the activity of the government. b. The three economic systems Free Market Economy Mixed Economy Controlled/Command Economy Chapter 2 (page 35-41): The Economic Role of Government (see table 2-1 p 40) Market System Free Market Economy (Pure Capitalism) Mixed Economy Controlled Economy (Socialist System) Characteristics 100% resources owned by Individuals/private ownership 100% resources owned by the government (no individual/private ownership) System Operation Resources allocated through market/price mechanism (decisions based on price system) part owned by Government (% taken from free-market system is usually larger) Mechanism operating through plans set by the government Role of the Government 1. Provide Justice 2. 3. Provide essential Infrastructure (Public
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This note was uploaded on 04/08/2011 for the course MGMT 401 taught by Professor Mohamed during the Spring '11 term at Manor.

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Lecture 1 - Spring 2011 Macroeconomics Lecture 1 Overview...

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