ILO:
a) The distinction between free market, mixed and command economies: reference to Adam Smith, Friedrich Hayek and Karl Marx
b) The advantages and disadvantages of a free market economy and a command economy
c) The role of the state in a mixed economy
a) The distinction between free market, mixed and command economies: reference to Adam Smith, Friedrich Hayek and Karl Marx
b) The advantages and disadvantages of a free market economy and a command economy
c) The role of the state in a mixed economy
Free Market Economy
|
Explain the benefit of a free market approach to resource allocation. (5 marks)
I, Pencil: The Movie
|
Explain, with reference to Adam Smith, an advantage of free markets. (5 marks)
The Invisible Hand - 60 Second Adventures in Economics (1/6)
|
Examine two disadvantages using the two videos of a free market system of resource allocation. (8 marks)
|
The true cost of fast fashion | The Economist
|
Is Google a monopoly? | CNBC Explains
|
Additional reading:
The Future of Denim, Part #3: Waste not; water not – Innovation
Burberry burns bags, clothes and perfume worth millions
The Future of Denim, Part #3: Waste not; water not – Innovation
Burberry burns bags, clothes and perfume worth millions
Adam Smith & Friedrich Hayek
Revision videos on free markets and their founders.
|
Adam Smith - The Inventor of Market Economy I THE INDUSTRIAL REVOLUTION
|
Essential Hayek: Knowledge and Prices
|
Additional reading:
When Pepsi was swapped for Soviet warships
When Pepsi was swapped for Soviet warships
Command Economy
|
Examine two drawbacks of a command economy.
(8 marks)
Why Cuban cab drivers earn more than doctors
|
With reference to Hayek, explain a risk of Government's determining resource allocation. (5 marks)
Food Mountain | British Farming | EEC | European Union | Farm Subsidies | 1983
|
Related articles:
Radical Economics: Yo Hayek!
Radical Economics: Yo Hayek!
Karl Marx
Marx considered the flaws of free market economies; he argued that the free market economy would break down because the owners of business made huge profits at the expense of workers.
|
The World
According To Marx
|
Kaiser Chiefs:
The factory gates
|
|
POLITICAL THEORY - Karl Marx
|
Was Karl Marx right? | The Economist
|
Related articles:
Melvyn Bragg and guests discuss Karl Marx. " Workers of the World Unite! You have nothing to lose but your chains ",
Melvyn Bragg and guests discuss Karl Marx. " Workers of the World Unite! You have nothing to lose but your chains ",
Marx's theory on labour
still has capital
The Role of State in a Mixed Economy
Assess the benefits of a mixed approach to resource allocation for services like the NHS. (10 marks)
|
The National Health Service explained | Guardian Explainers
|
NHS breaking point | British Medical Association
|
Revision material:
Revision videos associated to the different economic systems. See view to consolidate your current understanding.
|
Free Market Economy I A Level and IB Economics
|
Y1/IB 35) Economic Systems - Market, Command and Mixed Economies
|