CH 03: Economic Systems Flashcards
After you have worked through this learning unit, you should be able to: • describe the main features of the different economic systems and identify the strengths and weaknesses of the different economic systems • distinguish between different property rights systems
1
Q
What is the three main economy types?
A
• traditional • command • market
2
Q
What economy type does South Africa have?
A
Mixed
3
Q
What are the three main property rights of interest?
A
- The right to dispose of (sell) the property.
- The right to use the property as the owner desires.
- The right to receive the income generated by the property.
