00:01
So here we are given four different economic systems, right? traditional, market, command, and mixed.
00:15
And it's not too difficult to piece these together with the definitions, given a little thick thought.
00:22
So the first suggestion is based on government control of resources.
00:26
That's what we call a command economy, right? based on government control.
00:30
Command means that someone is making the decisions.
00:34
Someone is unilaterally deciding how to allocate resources, what to produce, what prices to charge.
00:41
It doesn't technically have to be a government, but it has to be some sort of leader, right? in the past, you know, you would have had warlords or tribal leaders, but today we think of it as governments, right? governments making decisions directly controlling what goes where, what gets produced...