Economic Systems

Economic Systems

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  • Market Economy
  • Traditional Economy
  • Command Economy
  • A Market Economic System is run by the individuals   with minimal interference by the government. Lack of government interference can be a positive and negative thing at the same time. It is beneficial because it allows individuals to have their own businesses and do whatever they may want to do with them. However it can also lead to downfall because larger businesses may begin to take over the smaller businesses just because they are bigger. 
  • Mixed Economy
  • In a traditional economic system everything is based on customs and typical traditions where people hunt and farm. The people either produce their own resources or they share and trade. This is a positive thing because the economy relies on the individuals to produce goods on their own and no one is forced into labor if they don't want to. On the other hand the fact that it depends on the individual can lead to a lack of resources if people aren't producing enough.
  • In Command Economic System the government is completely in control of everything. They control production, prices, resources, income, they control the whole economy. This can be a good thing so that they can keep a balance over the businesses so that no single business gets too powerful over any others. Meanwhile it is also a disadvantage to the community because it does not meet the needs of consumers  since the government does everything and doesn't always consider others. Therefore, even though it keeps them with jobs many people may not favor it.
  • A Mixed Economic System is basically a combination between Market Economy and Command Economy where the economy is run by both the government and the people simultaneously. This can lead to a rise of government power and overpowering. This can also be a good thing because production is determined by consumer individuals and the government.  
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