Class notes
STUDY GUIDE
- Course
- Introduction to Economics
- Institution
- Nelson Mandela Metropolitan University (NMMU)
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© VAN SCHAIK PUBLISHERSChapter 2:
Economic
systems
, OBJECTIVES
Describe the three central economic questions,
Describe the major differences between
traditional, command, market and mixed
economies,
Describe the salient feature of the market system,
Describe the major contributions of Adam Smith,
Karl Marx and John Maynard Keynes.
, 3 CENTRAL ECONOMIC QUESTIONS
WHAT goods and services (G&S) and in what
amounts to produce (output questions)
HOW to produce the G&S, i.e. how to combine
factors of production to produce G&S (input
questions).
FOR WHOM to produce G&S, i.e. who receives the
G&S (distribution questions).
The answer depends on the type of economic
system that is followed.
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