Economic Systems by Jazlynn Francisco

Economic Systems by Jazlynn Francisco
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  • Economic Systems
  • Traditional 
  • Command
  • By Jazlynn Francisco
  • Mixed 
  • This economic system focuses exclusively on good and services. It doesn't show a significant degree of specialization and division of labor. Plus there is not a surplus of goods left over because they produce what is needed. Though, this process takes a long time. Example: a farm
  • Market
  • This economic system holds a dominate centralized power. It is found in several communist countries. This can work well if the government uses its power in best interest of the country. On the other  hand it is less flexible than other systems. Example: Hunger games
  • This economic system is a mixture of market and command. Mixed economies are widely considered today. It can lead to incredible economic results but, it can lead to poverty. Example: Bus stops and your personal car
  • This economic system relies on free markets and the government cannot control any resources. This allows an economy to experience the highest amount of growth. Though, the distribution of wealth and other positive aspects may not always benefit the people. Example: A store
  • These systems can be seen all over the world.
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