ECON 106 1st Edition Lecture 3 Outline of Last Lecture I. The Economic ProblemII. Factors of ProductionOutline of Current Lecture II. Market EconomyIII. Command EconomyIV. Custom/Tradition-based EconomyV. Harmony of InterestVI. What is a Market?Current LectureMarket Economy- Decentralized decision making- Individual self-interest - Decisions made by private individuals Command Economy- Centralized decision making - Group Interest Custom/Tradition-based Economy- Traditions, customs, and beliefs shape the goods and products the society creates Mixed Economy- Different elements of economies- Ex. USAHarmony of Interest- An agreement between two different companies agreeing on the same production What is a Market?- Where goods and services are being exchanged - A good/item for moneyThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a
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