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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Topic 1 Discussion Assignment

Topic 1 Discussion Assignment

Q In this week's discussion assignment I want you to discuss the different ways society's can organize their economies,based on the material in the textbook and the assigned Crash Course video. I would also like you to use this week's discussion as a way to introduce yourself as a way of ice-breaking in the class, and so becoming comfortable discussing things with each other. Based off the assigned materials and video in the course of your Discussion answer I would like you to address the following questions: • What are the three questions any economic sysytem must address? • What are the main types of Economic Systems and how do they answer the three questions identified above? • Which Economic system does the USA today currently use? Explain why. • Based on your answer to the above question -- would you like the currently used US economic system to change -- explain how and why? Please note this last question is totally a matter of opinion (a Normative concept as we will refer to it next week) so please be polite and respectful when interacting with other students on this question. In terms of introducing yourself: • Tell us a little bit about yourself, some things you enjoy doing, and what you hope to get out of this class.

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The questions that any economy may address are What to produce, how to produce, and For whom to produce. The first question answers what society should produce in a world with limited resources. The second answers what resources should be used to produce the goods and services while the third answers who acquire the product. There are various types of economies in the world 1. The traditional economy – this is the age-old economy where the barter system still exists. So, people produce what they can and wait for others to demand them while they exchange what others produce at the same coordinated time. 2. The command economy – is the economy run by a centrally planned authority and the market is not free