Economic Systems

Economic Systems

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  • Market Economy
  • Boss better give me my check.
  • There is a rat in my store!
  • Traditional Economy
  • I'm so hungry!
  • Why is he starring at me so hard?
  • Command Economy
  • VODKA!
  • As the Communist leader of Russia! Everything in every store is one dollar!
  • Inflation!
  • The Man in the suit is a private owner of the dinner. He pays his workers. An example of a market economy is the U.S . A strength of this type of system is that citizens could own property and because of the competition the economy could succeed. A weakness of a market economy is that if the private owners fail, the whole country could suffer economically and it could lead to monopolies.
  • Mixed Economy
  • Government
  • In a traditional economy people used to hunt and gather for food. An example of a traditional economy is parts of India and Western China. The strength of this economy is that usually people gain  resources using primitive methods which could be better. The weakness is that most methods in this type of economy could be outdated.
  • The government controls the economy in a pure communist government. The closest to a command economy is communist governments. The strengths of command economies is if the governemnt is smart the economy could succeed. If the government doesn't make good decisions for valuable resources the economy could fail.
  • Mixed economies are a mixture of a different economic systems. An example of a mixed economy is China, China is a mixture of a command economy and a market economy. The strengths of this type of economy is that if you take the good values from other economic systems then you could succeed. A weakness of this economy A weakness of this type of economy is that it could be unequal.
  • Private owners
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