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Economic liberalism - adam smith

marxism - karl marx

keynesian - jon m. keynes

neoliberal - milton friedman

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establish the problem

identify alternatives

choose criteria

identify options

take decisions knowing sacrifice

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studies the human behavior

focus on economic activity

production, distribution and consume goods

scarce resources force to choose between different options to cover needs

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most common

decisions taken by businesses and consumers with prices system

State

regulates market

produces basic goods for society (education,health)

promotes equity through  unemployment benefits.

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Central planification system of the state substitutes the market decisions

Advantages

state assures basic needs and employment, with higher equity

Disadvantages

lack of efficiency and incentives

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decisions taken by businesses and customers with the price system

Advantages

Market freedom, efficiency, entrepreneurship

Disadvantages

inequalities and basic needs not covered

abuse economic power

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Ways society organize itself

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households

land, labor, and capital to wages rent and profit

household spends and gets income from firms payment

Firms

goods and services

firms pay and gets income from households spending

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Work,land, and capital - salaries, interest, and profits

Firm produces goods and services, pats rent wages and salaries to households

Household purchase goods and services and provides factors and production.

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Market for goods and services

Goods and services traded for money

Firms provide goods and services

Households provide money

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Product market

Factor market

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Maximize the society well being using their resources to provide

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Maximizes their profit using efficiently their resources

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Maximize their own wellbeing choosing their own goods and services (satisfy needs)

Consume goods and services

Offer their work for income and distribute