HEY EVERYONE COME AND JOIN ME ON LEARNING ABOUT THE DIFFERENT TYPES OF ECONOMIC SYSTEMS
Well business was booming today hope everyones stocks went good as well
A tradition economic system is a basic and ancient type of economy that depends on agriculture and hunting and gathering. A country with a traditional economic system is North Korea. A strength of this system is that it is good for the environment because they produce less waste compared to the other economic systems. A weakness of this system is that the supplies can be limited depending on your location.
Well I guess we all have the same amount of power here
Yes, Indeed we do
A command economic system is a system where the government has full control. The government decides what is going to be produced, how much of it will be produced, and the cost of what's being produced. A country with a command economic system is Cuba. A strength of this system is there wont be any monopolies because the government controls everything. A weakness of this system is there is no private ownership because everyone has a job provided to them by the government.
WORDS TO KNOW
A market economic system is a system where there is very little government intervention and the entire system is run by the citizens themselves. Also it allows private actors to become extremely powerful. A country with a market economic system is China. A strength of this system is that it is based on supply and demand, so its able to meet peoples needs and wants. A weakness of this system is that there is no government intervention so that can lead to business monopolies.
A mixed economic system is an economic system where the means of production are shared between private and public sectors. A country with a mixed economic system is the united states. A strength of this system is that it can lead to incredible results because neither private nor the government sector alone can maintain the economy. A weakness of this system is that some governments tend to increase their power more than necessary.
Monopolies: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.