Economics and Economic Systems (Economics: Taking the Mystery Out of Money)

Description

Although individuals and countries, for centuries, have exchanged goods and services for money, the formal field of economics--the study of wealth and how it is produced and distributed--is relatively young. Since Adam Smith's pioneering work in the 18th century, economics has developed a great deal, and with it, so has our understanding of market systems, such as capitalism and centrally planned systems. A detailed explanation of the scope of economics, historical development, and the strengths and weaknesses of various economic systems is provided.