Outcome: Economic Systems

What you’ll learn to do: describe and differentiate between major different economic systems

In this section, you’ll learn about the basic organizing principles of different types of economies. Understanding the characteristics of a competitive market, in particular, is an important foundation for understanding the mechanisms of supply and demand, which you’ll learn about later in this module.

The specific things you’ll learn in this section include:

  • Distinguish between market, planned, and mixed economies