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Reading 37: The economic system, (Alessandro Sancino, 2017.p,) - Coggle…
Reading 37: The economic system
1 What is meant by economics and the
economic context?
definitions
adam smith
Lionel Robbins
Paul Samuelson
economics questions related
What to produce?
How to produce?
. For whom to produce?
Should everybody get access to a good or service or only certain people?
branches of economics:
microeconomics
single market
macroeconomics.
the nation
unite of analyse
2 The economic system
The economic system definition
main types of economic
system:
Market economies
Mixed economies
Planned or command economies
Traditional economies
2.1 Sectors of the economy
secondary
industrial
quaternary
information and knowledge
tertiary sector
services
primary,
raw resource provider
the stage of the economic
employment structure 'If the majority of a
population works'>>> the stage shaping
secondary
industrial economic system.
tertiary
post-industrial
economic system
primary
pre-industrial
economic systems
Clark ,fisher model
stage development
pre-industrial
to industrial
to post-industrial
2.2 The circular flow of income
transaction type
money withdrawal from the circular
money into the circular
circular element s
government
institution
household
3 Impact of the economic system on
businesses and consumers
labour
capital
land
(Alessandro Sancino, 2017.p,)