BUS 1000 Lecture Notes - Lecture 12: Market Socialism, Free Market, Central Authority

• School: University of Denver
• Department: Business Core
• Course: BUS 1000
• Professor: Haag Stephen

Document Summary

Economics: a science concerned with the process or system by which goods and services are produced, sold, and bought, adam smith (godfather of economics) Integrated parts of a whole that work together to make a greater whole. Supply (production) and demand (consumption: capital, labor, land. Types of economic systems: free market capitalism, capitalism: a. i. Individuals rather than the government make the best economic decision: laissez faire b. i. Let interaction of market be determined by individual: free trade: c. i. Open boundaries and letting countries trade freely: comparative advantage: d. i. If a country produces something better than any other country, they should focus only on that product and trade with other countries: central planning, communism: a. i. Cuba, iran, myanmar, north korea, laos: market socialism, hybrid of communism and capitalism, economic decision making: b. i. Starbucks in forbidden city in china: free market cooperatives: c. i.