economic systems

economic systems

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  • mixed
  • A mixed economy is a mixture of both market and command economy. Production is determined by consumers and the government . A disadvantage to this economy is that it can be unequal at times and there is always risks of poverty.
  • "I am a government official"
  • "I am an entrepreneur"
  • market
  • A market economy offers more economic freedom to individuals , limits the role of government.This economy is more people regulated. Although this economy is more so based on supply and demand and the gov't does not intervene , this economy can also create monopolies.
  • " I am a chef " 
  • traditional
  • A traditional economy is based on customs & traditions. People in this economy hunt, farm and gather. This economy is able to make individual trades, they stay true to their customs and traditions. The disadvantage to this economy is that this process takes a long time and is constantly at a stand still.
  • " I am a farmer "
  • command
  • Example: United Kingdom
  • Example: United States of America
  • Example: Northern Canada
  • In a command economy, production investment, prices, and incomes are certainly determined by the government.No entrepreneurs, no private ownership ,and everyone has a job.
  • Example: Soviet Union 
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