Economic systems

Economic systems

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  • Traditional
  • Command
  • Mixed
  •    Traditional economy mainly focuses  on traditions and customs like Farming. Countries that practice this type of economy are usually rural 3rd world countries.  One Positive effect of this economic system is that everyone provides for themselves. Although a negative thing is that when the weather conditions are bad, economy fails because they rely on farming.
  • Market
  • This is tough trying to compete with all these big buisnesses
  • Command economy is when government controls all aspects of the economy and each citizen is treated the same. One positive effect of this economy is that everyone is able to get a job and everyone is equal. A disadvantage of this economic system is that there is no competition between businesses and government can become too powerful.
  • Mixed economy is a mixture of market economy and command economy. A positive aspect is that it allows private businesses which results in huge profits. A negative effect is that it can have a huge poverty risk.
  • Market economy is when economic decisions are made by citizens and business owners. Government has no say. A positive thing about this economic practice is that it makes the most money out of all the other economies. One negative effect is that monopolies can form and businesses can get too powerful.
  • NO government NO ruless !!
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