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How people meet their basic needs:
What should be produced
How its produced
Who produces it
Traditional Economy (Subsistence)
People meet their basic needs as their ancestors did.
How are goods distributed ?
Goods are produced and consumed locally.
Very little trade with outsiders.
Subsistence Agriculture: Land usually produces only enough for farmer and their family. Everything grown is intended for their family or the village.
Cottage Industries: People use spare time to weave cloth, make furniture, and clothes, and produce other goods by hand.
People produce what they want and buy what they want. They own their own goods and property.
How are goods distributed?
People distribute goods to make profit or invest their money in different ways of producing things.
Commercial Agriculture: Crop production intended for distribution to wholesalers and retailers (supermarkets and grocery stores).
Commercial Industries: Goods are manufactered in factories for sale throughout the country and overseas.
The government own and operates all buisness. State managers develop national plans for production and distribution of all goods and services
How goods are distributed?
The government leaders decide how goods are produced and distributed
National plans: 5 year periods specifying which goods each factory will make
Zimmer, Stuart, and James Killoran. "Chapter 17 Economic Systems." Mastering the TEKS in World Geography. By Mark Jarrett. New York: Jarrett, 2013. 276-84. Print
Government owns and operates many basic industries and buisnesses.
How are goods disibuted?
Decisions about production, distribution
and the use of resources are made by the government. Other decisions are made privately.
After WWII, most countries in Western Europe became socialist, but man then sold off their public ownership of major industries in the 1980s & the 1990s in the wave of "privatization".
Economies with some other of the economic
systems blended in.
How are goods distributed ?
Ranging from free enterprise to communist based on activity of government intervening economy
Some mixed economies also allow centralized planning and even government ownership of key industries, such as aerospace.
5 Types of Economic Systems
African Traditional Economy
Comparing Free Enterprise Systems
Communism in China