The 4 types of Economy

The 4 types of Economy

By: Maria Garcia

Mixed Economy

Where it is used?

United states and cuba.

Economic Goals

The economic goals are full employment stability economic growth and efficiency .

3 More things

This economy is an economy that combines things from the market command and traditional economy . Mixed economies have command economy features in strategic areas. Most allow the federal gov to safe guard the people and the market itself. That usually includes the military international trade and national transportation. The role of the governemnt depends on the priorites of the citizens many mixed economies also allows centralized planning.

1. A mixed economy has all the advantages of a market economy

2.It allocates capital to the most innovative and efficient producers. They in turn can invest the capital in more businesses like them

3. A mixed economy also minimizes the advantages of a market economy

Market Economy

Economic Goals

The highest goals of a market economy are economic freedom and efficency individulas and businesses are left at liberty to decide what how and for whom to produce.

Market economy is the newest economic system to emerge in human history. This economy depends not on tradition or command to coordinate its activities but on the decisions of individual producers and consumers. There is little government intervention or central planning. This is the opposite of centrally planned economy in which the government decisions drive most aspects of a country's economic activity.

3 more facts

1. The producers are always trying to get the highest

2. Market economy is the most well used economy

3.There are different ranges of market economy

Where is it used ?

you see free market in Hong Kong , Singapore , Australia and the United States.

Traditional Economies

Traditional Economies is the first and the oldest economic system. In a traditional economy custom and tradition dictate what to produce how to produce it and for whom. Traditional economy is not done by lots of people nowadays.

The most people that still use it today are indigenous and they are living similar as to how their ancestors did. People in traditional economies engage in farming,herding, fishing, hunting and the gathering of wild plants

Economic Goals

Command economy

Economic stability and economic security are the main two goals. Most people want nothing more than to live as they always have, following traditional ways of life in harmony with nature.

Where is it used ?

Command economy is a key feature of any communist society. Cuba , North Korea and the former soviet union

Most traditional economies operate in emerging markets and developing countries such as Africa , Asia , Latin America and the Middle East.

a command economy is a system where the government rather than the free market determines what goods should be produced , how much should be produced and the price at which the goods are offered for sale. They decided which farms and factories should get which resources to produce what was planned.

3 More facts

1- Most traditional economies only produce what they need barely any left overs

2- When exchanging they rely on bartering

3- Once they start to evolve the groups create some form of $

Economic goals

The goal is to supply enough food , housing and the other basics to meet the needs of everyone in the country

Sources

3 More facts

1.Command economies retain their supporters.

2.

- My textbook

- www.investopida.com

-www.resource.com