Intro: Topic 1.3 -- Economic Systems
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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