Economic Systems

Economic Systems

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  • Traditional Economic System
  • Keep at it boys, we got the whole town to feed t'night!
  • Yes Ma'am
  • Market Economic System
  • ahhh....
  • Mommy, I want Cookie
  • Sure Honey!
  • Command Economic System 
  •  In a Traditional Economic System goods are naturally produced and the process often takes time. Because the method of production is time consuming, this economic system does not give way to outside influence causing little change. Benefits do occur however, as customs and traditions are continuous and the environment benefits from the Traditional Economic System. The Nomadic Native Americans are an example of a Traditional Economic System. 
  • Mixed Economic System
  • sir...
  • What is this!
  • A Market Economy allows for easily accessible consumer goods and no government intervention; the economy is run by the people. Entrepreneurs benefit greatly as they can create their own brands like Jordan for example, though it provides certain benefits there are negatives. Monopolies can take control over the economy eliminating any prospect of any competitiveness. A country that is mostly reflective of these aspects is China. 
  • A Command Economic System functions through the complete control of the government. They allocate resources and consumer goods to the people, only giving what is completely necessary (necessities). People do not have 'wants' in a sense, because they cannot get what they really desire (consumer goods). Sometimes the government may be corrupt or not have the ability to allocate to everyone, and in that sense not everyone benefits. North Korea is an example of a Command Economy.    
  • A Mixed Economic System is a mix of both the the Command and Market Economic Systems. The government is involved to prevent the rise of monopolies. However, the economy is still run mainly by the people. Private ownership is possible and people use the market to their advantage to promote their business. Poverty is more prevalent than in any other economic system. A modern day example of this economic system is The United States of America. 
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