The 4 Economic Systems

The 4 Economic Systems

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  • Economic Systems
  • Economic Systems
  • Market 
  • Market economy allows the economy to experience the highest amount of growth.
  • However, it also allows private corporations to become too powerful.
  • Command 
  • This economic system generally rewards its own people with affordable prices
  • But it can also create unrest among the general population. 
  • The economic systems are: Market, Command, Mixed and Traditional Economy.
  • Mixed
  • A mixed economy provides the benefits of both market and command economy.
  • The extent of government control varies and some tend to increase their power more than necessary.
  • Market economy is an economic system that relies on a free market with little to no government intervention. It's based on supply and demand. Hong Kong is an example of market economy.
  • Traditional
  • A traditional economy is much more sustainable and results in much less waste.
  • But, it often suffers from lack of resources due to absence or restriction of that resource. 
  • Command economy is an economic system characterized  by a dominant centralized power (usually the government). Soviet Union is an example of command economy. 
  • A mixed economy is an economic system that utilizes aspects of both command and market economy. United States is an example of a mixed economy. 
  • A traditional economy Traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. Sub-Saharan Africa is an example of a traditional economy.  
  • That was the four economic systems, thank you very much and have a nice day.
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