The 4 Types of Economic Systems

The 4 Types of Economic Systems

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  • Traditional Economy
  • This rain looks like it's just going to get harder and harder.
  • OMG This could be bad it can flood our only resources for the year
  • Command Economy
  • Ok I'll get on it right now
  • I command you to get workers to build a house in this area.
  • Market Economy 
  • Hey Do you have the new marvel hulk and superman comic book?
  • Yes we do it actually came in today you're in luck kid.
  • A Traditional economy is based on customs and traditions such as hunting, gathering, and farming. This economy is usually found in countries in Africa such as Ghana, Mali, and Nigeria. One advantage is that the low output results in much less waste, however a disadvantage is that they often suffer from a lack of resources.
  • Mixed Economy
  • I love that the government provides public transportation for us kids to get to school.
  • In a Command Economy the government controls the production, prices, resources of goods and services and also discourages innovation and private ownership. Russia and North Korea are examples of countries who have a command economy. An advantage of having this economy is that there is often no shortages of jobs, but a disadvantage is that it is less flexible and react slower to changes. 
  • In a Market Economy it offers more economic freedom to individuals, encourages competition, and limits the role of the government and goods and services are determined by supply and demand. Australia is a country that uses the Market Economy. An advantage is that it experiences the highest amount of growth, but it allows private actors to become extremely powerful which is a huge disadvantage.  
  • A Mixed Economy includes a mixture of a market and a command economic system, has characteristics of capitalism and socialism, and the production  is determined by consumers and the government. We the United States has a Mixed Economy. One advantage is that there are government programs provided such as education and transportation and a disadvantage is that it can be unequal poverty risks.
  • I bought my brand new car so my kids would be comfortable and won't have to take public transportation.
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