We will discover what economic systems are and look at two different types of economic systems; the planned economy and the market economy.
We focus on a mixed economy and the global economy and the advantages and disadvantages of using them.
Economic processes exist to satisfy the wants of people. This lesson takes a closer look at the processes of production, exchange, and consumption and the flow of goods and services, money, and the factors of production.
By the end of this lesson, you will be able to identify the participants in the circular flow of a closed economy and gain an understanding of each participant in an economy and the roles they play.
