Live stream preview
We will discover what economic systems are and look at two different types of economic systems; the planned economy and the market economy.
Up Next in Term 1
-
Economic Systems - The mixed economy ...
We focus on a mixed economy and the global economy and the advantages and disadvantages of using them.
-
The economic processes of a closed ec...
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.
-
The Circular Flow
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.
