Economic Systems

Economic Systems

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  • I do!They are Mixed, Traditional, Command, and Market economy.
  • Does anyone know what they are?
  • Yes you are right! Some countries that are a mixed economy are India, Japan,Sweden and etc.
  • Some countries that are market economies are China,Germany, Vietnam and etc.
  • In A market economy economic decisions and the pricing of goods and services are made by individual citizens and businesses.In a traditional economy economic decisions are made by traditions, customs, and beliefs. In a command economy economic decisions are made by the central government. A mixed economy combines public and private enterprise to make economic decisions.
  • Some other countries that have a command economy are  North Korea, Cuba, and the Soivet Union.
  • India and Japan have a mixed economy . Before Independence, the Indian economy was a ‘laissez faire' economy (the belief that economies and businesses function best when there is no interference by the government). But post-independence, India adopted the mixed economy system.Japan is a mixed economy since the government controls some of its production in the market. It is also run by private corporations.
  • Lastly, some traditional economies are The Inuit and those of the tea plantations in South India.
  • China was a command economy they are now trying to transition into a mixed economy but they call themselves a socialist market economy. Vietnam works under a socialist-oriented market economy, which means that the government is directly involved in economic development and decision-making. 
  • But all of these economic systems have economic questions .
  • North Korea has a command economy. The government controls all the resources and decided what is to be produced. The North Korean economy has serious problems, and the government is finally making some reforms and relaxing some of its controls. 
  • The Inuit are located in northern Canada a they are an example traditional economy.Inuit parents teach their children the how to survive in the freezing weather of the Arctic Circle. As the children grow up they learn how to hunt and fish; then they pass their skills to their children.
  • Given that we have relative scarcity it gives rise to three basic economic questions faced by every economy. What to produce, how to produce it and for whom it should be produced. This is concerned with how we distribute our scarce resources.
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