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Unemployment,economic growth and the future

Unemployment,economic growth and the future

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Figure 1.3

Shifts in the Production

Possibilities Curve



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Figure 1.4

Shifts in the Production Possibilities Curve Depend on Choices



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17



4. Economic systems







Who owns the factors of production or

economic resources?

• Who coordinates economic activity? How?

• Three main types of economic systems

1. Market economies (Capitalism)

2. Command economy (Communism)

3. Mixed systems

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Characteristics of economic systems



Market economy

There is private

ownership of

resources

• Markets and prices

coordinate and direct

economic activity



Command economy

• There is public (state

or government)

ownership of

resources

• Economic activity is

coordinated by central

planning



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Figure 1.5

From One Central Idea, Many Powerful Ideas Follow



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