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He defined methods of producing national weel and the circumstances for rapid economic expansion.
He discuted the benefits of the division of lable and the need for specialisation.
He published five books for the Free Market economic system.

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German philosopher who believed that material goods are at the root of the social world.

According to Marx, social life is fundamentally about conflict over food, land, money, and other material goods.

Marx believed that the ideal government would be a communist state where resources are equally shared.

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Mixed economy

Advantages:

All national resources are utilised.

pubblic and private sectors work together.

private companies have the freedom to operate but the government can intervene.

Disadvantages

There may be unnecessary government interference.

The government may allocate more resources to welfare rather than other necessary areas.

It can suffer from the drawbacks of both capitalism and socialism.

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Free market economy

Advantages:

Equal opportunity for every individual to improse his/her standard of living.

Incentive to innovation and efficiency (better use of resources) to beat competitors.

It encourages entrepreneurship because people can easily set up their own business.

Disadvantages

Rigid class system and the gap between the rich and poor increaes as there is limited government control.

Money tends to remain concentrated in a few hands.

Large private companies can easily monopolise the market

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He introduced the theory of aggregate demande as the total of consuption,investment and government expenditure and stated that the key to reducing unemployment is to increase government spending and to run a budget deficit.

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Planned economy

Advantages:

Prices under control so everybody can afford to consume goods and services.

less inequality of wealth.

low level of unemployment as the government aims to provide employment for everybody.

Disadvantages:

Less freedom and choice for citizens.

Shortagens and over supplies are common as production does not consider market demand.

no incentive for innovation.

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1. Gli studenti devono identificare i diversi tipi di sistemi economici e le loro caratteristiche.

2. Gli studenti devono spiegare come i filosofi e economisti hanno influenzato il sistema economico.

3. Gli studenti devono analizzare le fonti primarie e devono confrontare vantaggi e svantaggi.

4. Gli studenti devono descrivere le cause e le conseguenze dell'adozione di questi sistemi nei differenti stati.

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There are three economic systems