Business Studies·The nature & purpose of business · NSSCO 1.1
Economic systems: market, mixed & planned; the role of government
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Why can't everyone simply have everything they want? Because the world's resources are limited while our wants never stop. That single truth forces every country to answer three big questions — what to produce, how, and for whom — and the way a country answers them is called its economic system. In this lesson we build the basic economic problem, look closely at the important job the government does in the economy, and then compare the three systems — market, planned and mixed — finishing with where Namibia fits.
What you'll learn in this lesson
By the end you should be able to (NSSCO Business Studies 1.1):
- Describe and explain the role of the government in the economy
- Distinguish between market, mixed and planned economies with reference to characteristics, advantages and disadvantages
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.