This document contains class notes summarizing key concepts about economic systems including the methods used to determine production and distribution of goods and services. It discusses tradeoffs in determining what and how to produce based on scarce resources, and who consumes goods based on social values. Four main economic systems are outlined - traditional, market, centrally planned, and mixed - along with economic goals such as efficiency, freedom, security, equity, and growth. Students are assigned homework questions analyzing these concepts.
1. March 21, 2011 2 nd Week of Trimester! Chapter 2 Section 1 Notes
2. Economic Systems- method used by a state to determine how a society produces and distributes goods and services.
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6. Explain why an owner of a tree removal business ($100,000) makes more money than a police officer ($48,000)?
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10. Adam Smith Read page 33 Write an alternative argument about Adam Smith’s economic system. Make sure you find a flaw with his system and provide a solution.
