A 9 minute introduction to the difference between command economies and market economies. This video will aid in the mastery of standard EPF. 1(e)

Khan Academy learning modules include a Community space where users can ask questions and seek help from community members. Educators should consult with their Technology administrators to determine the use of Khan Academy learning modules in their classroom. Please review materials from external sites before sharing with students.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Contrast traditional economies, command economies, and market economies
Explain gross domestic product (GDP)
Assess the importance and effects of globalization