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Transcript of Economic Systems
By Sammy Michaels and Jasmine Ho
Main types of economies
1. Traditional Economies- an economic system that relies on habit, custom, or ritual to decide the three key economic questions
2.Market Economies- Economic decisions are made based on supply and demand
3. Command Economies- The government controls everything
3 main characteristics of traditional economies
1. Based and guided by traditions
2. Uses agriculture in forms of hunting and gathering
3. Can use bartering and trading instead of money
This means that people who are a part of traditional economies appear to be living in poverty because when new technologies are introduced, they are very slow to change and usually are discouraged to use them.
Economy is largely based on agriculture
85% of employment is agriculture based
46.6% of their GDP is agriculture based
One of the world's poorest countries in the world
This means that businesses just invest in what will make the largest profit, not even what people need anymore. Then the employers try to find a way to intensify exploitation of the workers. So the poor gets poorer and the rich gets richer.
3 main characteristics of command economies
1. All economic decisions are made by the government like production, incomes, investment, and prices
2. Uses resources in the most effective way possible
3. The central plan sets the priorities for production of all goods and services.
1.) In a command economy you can make a decision that can mobilize the economic resources quickly and effectively.
2.) Can ensure effectively achieving long-term goals.
3.) The possibilities of adjusting production rate and meeting demands with the availability of finished goods.
4. When there is some type of emergency, there is the ability to respond quickly to it.
1. Production and distribution is based on consumers needs and wants
2. Goods and services are privately owned
3. Motive of self-interest
3 main characteristics of market economies
1. Based on what we want and need instead of what the economy necessarily needs
2. Which has led us to $17.075 trillion in debt
"Market Economy: Advantages and Disadvantages." Nyu.edu. N.p., n.d. Web. 05 Oct. 2014.
"Advantages and Disadvantages of Command Economy." Apecsec.org. N.p., n.d. Web. 05 Oct. 2014.
Tatum, Malcolm, and Bronwyn Harris. "What Are the Advantages of a Command Economy?" WiseGeek. Conjecture, 15 Sept. 2014. Web. 05 Oct. 2014.
"Market Economy Definition." Investopedia. N.p., n.d. Web. 05 Oct. 2014.
"6 Factors That Make a Market Economy." US Economy. N.p., n.d. Web. 05 Oct. 2014.
"What Is a Command Economy, and What Are Its Pros and Cons?" US Economy. N.p., n.d. Web. 06 Oct. 2014.
1. Centrally planned
2. Government has control, in result there is less debt
3. Needs are met