TOPICS
- Economic Systems
- Market Economies
- Command Economies
- Mixed Economies
- Structural Adjustment (Globalization)
- Characteristics of a Market Economy (Capitalism)
- Economics Systems and the 5Es
- Circular Flow Model
OUTCOMES
What is "structural
adjustment" and what are its policies and
problems?
Highlight the main features of a
market economy and a command economy.
List and explain the important
characteristics of the American market
system.
Explain how a market system
achieves economic efficiency and why command economies do
not.
Describe how prices
drive the movement of resources in a market
system.
The important role of profits
and losses in a market economy
Explain the role of
self-interest and "invisible hand" in promoting
economic efficiency.
Explain why the command systems
of the Soviet Union, Eastern Europe, and China
failed.
The coordination problem and
incentive problem of command econmies
What is the role of money in a
market economy?
"Between 1990 and
2010, the percent of people living in poverty fell by
half as a share of the total population in developing
countries, from 43% to 21%—a reduction of almost 1
billion people." WHY? What was the one main "poverty
reduction measure" that contributed to this success?
Explain.
Understand some of the
basic economic causes of the collapse (?) of the
Venezuelan economy
The circular flow
model
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