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List and describe common institutional components that help us identify different types of economic systems
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- Describe three different kinds of economic systems.Define economics and describe the two types of economic systems: capitalism and command economy.List AND EXPLAIN three types of economic systems. Based on the information provided and your experience, Identify the economic system that is practiced in the United States.
- What would be another example of a “system” in the real world that could serve as a metaphor for micro and macroeconomics?Provide a critical discussion on each of the following economic systems. Discussion should include clear definition and discussion on any two advantages and two disadvantages of each system.(i) Free Market Economy(ii) Command EconomyName four things about our current economic system that would like to change, and briefly explain why.