Intro: Topic 1.3 -- Economic Systems

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
- Define economic systems, identify the most common systems around the world, and
name the economists who advocated these systems
- Discuss the fundamentals of the free-market, centrally-planned, and mixed economic
systems
- Discuss the differences between economic systems, how each answers the essential
economic questions of "what", "how", and "for whom", and then how the market can fail
through allocative and productive inefficiency

Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video:

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[aqua.]

I had to watch this because of school.

[devenhorvath]

You really found a way to make economics fun, I am taking a class for this and it is perfect. Thank you for making it so entertaining

[talentnokhuthulajauki]

the best explanation ever...different from others and unique...love it

[eddysimtrick]

i like the way you bring out your presentations, they show a connectiveness between maybe a child who is much linked into movies and will be able to understand and easy to remember because of the movies in the presentation which act as examples. good one

[carl___________]

Wow, thank you so much, this video really highlighted several key points in all three economic systems that I missed out. Overall, this helped me understand and further my knowledge on these three economic systems and the concept of economy as a whole. Amazing video, keep it up!

[Incognit]

This is great. I only don't get how I am supposed to write an assignment in 15 pages (not 5, but 15!) on this... Aaand without plagiarism...

[archyy]

This is the best explanation but plz add subtitles next time

[feilz]

Because of this video we will have a test today

[varaprasads]

Its really been very useful tqs a lot for this video sir

[thedon]

seeing my counrty Zimbabwe on your map, shaded unfree, LOL very true & sad

[zaidsilguero]

Im watching your video right now Im a 9th grader and this topic was boring until the teacher put you on the board as soon as I heard Metallica in the beginning i knew i was going to like this and I did thanks for making class fun!!

[grantbeerling]

Again...perfect...My pure observations thus far....All mixed economies are in a state of perpetual flux, its the job of economists and government to interpret how best to use said changes for the betterment of society, thats the difficult bit! Great clarity in your explanations. Worth also noting, all three were products of their time and society, thus subject to their own cognitive bias of what they observed. This often forgotten when criticism is made of each of their theories....We are all subject to the point of time we are placed in, the overriding issue of the day, at present being the huge wealth gap, (in the 70's it was inflation) and the destruction of the welfare state in western countries (who should be leading by example, after all we have been trying/doing this stuff for longer). The present examples we are setting ie high import tariffs/protectionism which leads to isolationism, is not good long term economics. It works for emerging economies for a period (ie get up to speed), but mature economies its ultimately destructive, and as we have seen in the early 20th Century..war.

[johnjerelestoque]

This was a great video sir. Thank you.

[lulu]

i wish you were my lecturer, thank you for this video

[vgospelth]

I think mixed economy is the best. A combination of both public and private sector.

[jurgensala]

Will the money economic system be eternal?From the commodity with commodity commerce.I think of a system when everybody gets a copy of a product from one manufacturer and have to work for example.

[helennagawa]

What! 😐That's what Karl Marx looked like this whole time!!😲 I thought he was young and skinny!😅

[SvetlanaMinina]

Marx didn't want the government to own the means of production, he wanted the workers to own the means of production. Marxism isn't about small group of people owning everything and commanding. Too bad it's taught wrong almost everywhere nowadays. In USSR the government owned and decided everything, but what happened in USSR and is happening in North Korea has very little to do with with what Marx actually wrote, despite what soviet leaders claimed. Otherwise, great videos, I'm enjoying them, i didn't think economics can be entertaining.

[evet]

I’m just here cuz I need to take some notes.