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Economic Systems

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on 12 March 2015

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Transcript of Economic Systems

Economic Systems
Market
The people focus on selling products. they will adjust according to the price and demand of the product that is for sell.

Examples of Market Economy are like China, Mexico, and United States.
Traditional
Private Ownership
: There is no private ownership in this economy. Individuals own and operate their owned businesses or farms, they make all decisions themselves with little or no government input.
Profit Motive:
In a Traditional Economy they earn their money by selling products or by trading products.
Consumer Sovereignty:
The consumers decide want the businesses produce. The businesses keeps the products that are selling well on the market to buy or trade.
Competition:
When multiple businesses are trying to sell or trade products, they will get competitive over who will get the most profit.
Government Regulation:
The laws could help control who you trade with and will you can trade with that person or business.
Traditional
Based on small businesses and farms. They sell or trade their products for others products. Like the barter system.

Examples of Traditional Economy are like Africa, South America, and Asia.
Command
The government decides what goes on with everyone and everything. Government tells people when to work, when to get off, and how to live.

Examples of Command Economy are like North Korea today and Germany during Nazi times.
3 Base Questions Of Economics
What is to be produced?

How are the goods to be produced?

For whom are the goods produced?
Rheagan D'Angelo and Meagan Salser
Command
Private Ownership
: The government owns and takes the people what they can own and what they cannot own. The government has all control.
Profit Motive:
The government tells the people when to go to work and when they can get off work. The workers has a number limit of product they have to make and sell.
Consumer Sovereignty:
The government keeps a check on the market and sees what is selling the most and they make sure that products stays on the market so they can continue to make a profit.
Competition:
The rivalry over different countries trying to control their country better than others, by selling more product.
Government Regulation:
The governments laws control how everything is ran.
Market
Private Ownership
: Individuals own and operate their own businesses or property.
Profit Motive
: The government is focus on selling products and keeping the market in good standings.
Consumer Sovereignty
: The government wants to keep the consumers happy so they keep the products on the market. They keep whichever product benefits them the most and benefits the consumers.
Competition:
Businesses focused on selling the most. They will change the price of product in order to sell more, eventually putting the other company out of business.
Government Regulation:
The laws control who the business can sell to. All sales must be approved before finalized.
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