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4 Types of Economic Systems
Transcript of 4 Types of Economic Systems
♣️ A Traditional Economy is an economy that produces products and services based on their beliefs, customs, tradtions, religions, etc. They also belive in minimal waste. An example would be Africa.
1. Traditions & customs are preserved.
2. Each member has a more specific role.
3. The society is more close knit.
1. They do not get to enjoy some of the things we take for granted including medicine and tecnology.
♣️ In Command Economy a large part of the economic system is contolled by a centralized power which is often a federal goverment. Usually these economys have a lot of valuable resources. An example would be North Korea.
1. They are capable of creating a healthy supply of their own resources.
2. There is often no shortage in jobs.
1. The goverment conrtols just about everything.
♣️ In a Market Economy the government does not control important resources, valuable goods, or the major segment of the economy. Organizations are run by the people. they also determine how the economy runs, how supplies are generated, and what demands are necessary. An example is Canada.
1. The seperation from market and government.
2. The seperation between church and state.
1. There must be constant growth.
♣️ A Mixed Economy has characteristics of a market and command economy.
1. It is more or less free of government ownership except for in education, transportation, etc.
1. The government can become less flexible.