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What are the three major types of economic systems discussed in class?
market/capital, command and mixed
What is the difference between these three types of ecnomic systems?
1) market/capital- production, distributiono are done mostly by for-profit business
2)Command/state/socialist- government controls production and distribution
3) Mixed - both from above market/capital and command.
What are the four major characteristics of the U.S. economy?
1). capital/market economy: you can access what you pay for
2). corporate dominated: Oligopolies control their respective sectors of economy even though there are smaller business
3). global economy: multinational, transnational: ex: Indian engineers sending their software projects to American headquarters by email not nationally oriented.
4).postindustrial economy: svc economy, increasing numbers of office workers and entertainers, decline of manufacturing, people who produce goods and foods are either lilving in different countries or are immigrants within the U.S.
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