economic systems

economic systems
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  • 4 Economic Systems
  • Traditional Economy
  • Command Economy
  • The four economic systems are traditional, command, market and mixed economies.
  • Market Economy
  • A traditional economy is the most basic economy there is. This economy dates back to hunter gatherers. This system is the most sustainable but it can suffer if there isn't enough resources.
  • Mixed Economy 
  • A command economy is controlled by the government and has no flexibility in it. The good thing about command is that everyone in this economy has a job. This economy is most related to communism.
  • Conclusion
  • In market economy there are little to no restrictions. This system is run by the people and the government cannot get involved. Market economy is just like capitalism where wealth isn't spread out.
  • A mixed economy is the most ideal to people because it combines market and command economies. This also gives more power to the government which can lead them to have too much control. This is most similar to the United States.
  • These are the 4 economic systems that are available in the world. Depending are where you live, you will most likely have a different economic system compared to someone across the world.
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