Economic systems

Economic systems

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  • A traditional economy is the oldest of all economic systems. The people who are working in a traditional economy are depending on mother nature.
  • Traditional Economy
  • You can find traditional economic systems in Africa and Asia. Most of the citizens have enough to survive. Furthermore what your family is doing you are ending up doing this do.
  • Market Economy
  • But you also have to pay taxation and you have in everything competition. 
  • In a market economic system you have full freedom to choose your career and your workplace. 
  • In a command economy the government makes all the economic decisions. You are told which job you have to do and you can not decide
  • Command Economy
  • Large changes can be made quickly and everyone is educated. In case of this you don't have individual rights and earning is limited
  • The government practice low amount of control. 
  • You can find a market economy in the United States
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