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Characteristics of Economic Systems

By: Annie Beattie

Traditional Economy

Traditional Economy

http://unit1economy.weebly.com/traditional-economy.html

Traditional economies rely on the natural environment for the goods that people produce and use. People who live in a traditional economy meet there own needs by growing their own food and making their own clothes and tools. Traditional economy is based on culture and past traditions. Traditional economies are generally apart from the effects and events in other places. Because of this they have no way to learn about new technology or discoveries that could change their economy. This type of economy is rare.

Examples:

https://www.econedlink.org/resources/traditional-economies-and-the-inuit/

https://pt.slideshare.net/uhidayah1/traditional-economy-31927655/4

An example of traditional economy is the Inuit of northern Canada. They are among the few that have a traditional economy. Another example is the villages in Africa. Another example is the Aborigines in Australia. Also the caste system in rural India.

https://slideplayer.com/slide/15684571/

Command Economy

Command Economy

Command economy's are controlled by the government. People have no say on the government decisions. They decide how much to produce what to produce how to produce them and how to distribute them. There are only a few countries that have this type of economic system. The people in the government often say they are making the decisions based on the interests of everyone and not just one group.

Examples

https://www.worldatlas.com/webimage/flags/countrys/asia/nokorea.htm

Some examples of command economy are Cuba and North Korea.

Examples

https://loyaltoyoualways.com/service/cruise-to-cuba/

Market Economy

Market Economy

https://marketbusinessnews.com/financial-glossary/market-economy/

In market Economies the business owners are in charge. They decide what goods to make, how to make them, how many to make, and how to produce them. Business compete with each other to best serve there customers. Market economy businesses are focused on making money and the government does not get in the way. There are no market economies in all countries the government has some say in businesses, laws, and guidelines.

https://en.wikipedia.org/wiki/Flag_of_France

Mixed Economy

https://en.wikipedia.org/wiki/Flag_of_the_United_States

Mixed Economy

A mixed economy includes characteristics of a command economy and a market economy. Government services are focused on the needs of a country citizens and the businesses are focused on what the consumers want. Governments often control services that are essential services for examples money to pay for building roads, police services and run postal services. Most country's have mixed economy's. Some examples of a mixed economy are the USA and France.

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