Types of Goods and the Four Main Economic Systems

With microeconomics covered it's time to dive into macroeconomics! We will begin by looking at the four main economic systems. This will require that understand the types of goods and services, those being rivalrous or non-rivalrous, excludable or non-excludable, with these labels mixing and matching to give us private goods, public goods, common goods, and club goods. When countries decide what to produce, how to produce it, and for whom to produce it, they are in essence selecting an economic system. This could be a traditional economy, a market economy, a command economy, or a mixed economy. That was a lot of vocabulary words, so let's dig into this concept now! Script by Matt Beat: youtube.com/user/iammrbeat Animation by Ignacio Triana: youtube.com/c/Unraveled Watch the whole Economics playlist: bit.ly/ProfDaveEcon Mathematics Tutorials: bit.ly/ProfDaveMath American History Tutorials: bit.ly/ProfDaveAmericanHistory History of Drugs Videos: bit.ly/ProfDaveHistoryDrugs General Chemistry Tutorials: bit.ly/ProfDaveGenChem Classical Physics Tutorials: bit.ly/ProfDavePhysics1 EMAIL► [email protected] PATREON► patreon.com/ProfessorDaveExplains Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience! Amazon: amzn.to/2HtNpVH Bookshop: bit.ly/39cKADM Barnes and Noble: bit.ly/3pUjmrn Book Depository: bit.ly/3aOVDlT

• #education
• #economic_systems
• #traditional_economy
• #market_economy
• #command_economy
• #mixed_economy
• #rivalrous_goods
• #non_rivalrous_goods
• #excludable_goods
• #non_excludable_goods
• #public_goods
• #private_goods
• #common_goods
• #club_goods