00:01
Okay, so, well, the economic system of hamsterville, well, this is going to be a fictional place.
00:12
So, the economic system of a fictional place like hamsterville could be imagined really as any of the following, depending on the narrative or the characteristics defined by its creator.
00:23
So, for the pure command system, that would be where the government or a central authority makes all the decisions regarding the production and distribution of goods and services.
00:32
So if hampsteadville operates under a pure command system, it would mean that its government decides what to produce, how to produce it, and who gets to produce goods and services.
00:43
In a mixed economic system would combine the elements of both the market and command economies.
00:49
In the communist system, all property is going to be publicly owned, and then each person works and is paid according to their abilities and needs...