Economic Systems Illustrations By: Fatimah (Amrah) Rabi'u
Mixed Economy: The mixed economy is one of the the 3 main types of economic systems, where governments and individuals make ideas and share decisions together. Examples: Western Europe, U.S., Australia (Russia is moving towards a mixed country).
We are all at peace, so we are all int his together and also have to work together.
Traditional Economy: The traditional economy is another one of the 3 main types of economic systems, where traditional beliefs govern economic decisions, its centered around local family, ethnic, or units. Examples: Villages in Africa & S.America, Iunit tribes in Canada, Aborigines in Australia.
I must go out to hunt while the women get everything ready for the food tonight.
Command Economy: The command economy is another one of the 3 main types of economic systems, where governments makes decisions on " who, what, for whom" and determines how resources are used. Examples: Cuba, North Korea, farmer soviet.
I am your leader you have to listen to me and do what ever I tell you to do.
Market Economy: The market economy is another one of the 3 main types of economic systems, where Individuals and business make decisions for themselves not the government. Example: Hong Kong, Singapore, Australia, New Zealand, Switzerland.
I am free to sell and buy what ever I need and want for myself and my family, and no one can tell me what i shouldn't do and what I should do.