Microeconomics › Section A · Welcome to economics › Topic A.4
How economies are organized
Somehow, millions of people's work has to add up to the food, phones and haircuts a society wants. How that coordination happens - by custom, by command, or by markets - is the deepest difference between economies, and real economies mix them.
In this topic
- The coordination problem
- Traditional economies
- Command economies
- Market economies
- Most economies are mixed
- Worked example: placing economies on the spectrum
- Regulations: the rules of the game
- GDP: a yardstick for economies
- Worked example: reading an exports-to-GDP ratio
- Globalisation and its pushback
- Common mistakes to avoid
- Key takeaways
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