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Transcript of Economic Systems
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.
: 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.
In a Traditional Economy they earn their money by selling products or by trading products.
The consumers decide want the businesses produce. The businesses keeps the products that are selling well on the market to buy or trade.
When multiple businesses are trying to sell or trade products, they will get competitive over who will get the most profit.
The laws could help control who you trade with and will you can trade with that person or business.
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.
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
: The government owns and takes the people what they can own and what they cannot own. The government has all control.
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.
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.
The rivalry over different countries trying to control their country better than others, by selling more product.
The governments laws control how everything is ran.
: Individuals own and operate their own businesses or property.
: The government is focus on selling products and keeping the market in good standings.
: 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.
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.
The laws control who the business can sell to. All sales must be approved before finalized.