Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic System (Traditional (Pros
Production of goods for people’s…
Economic System
Traditional
is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
- Africa
- Asia
- Latin America
- Middle East
Pros
- Production of goods for people’s survival
- Knowing People’s Role
- Less Destructive
Cons
- vulnerable type of economy
- Capability to change
- Lower standards of wealth and living of the people
Command
an economy in which production, investment, prices, and incomes are determined centrally by a government
- Cuba
- North Korea
- China
- Soviet Union
Pros
- It does not allow monopolizing
- It boosts industrial power.
- It adjusts production rates and availability of completed goods
Cons
- It restricts freedom.
- It may ignore societal needs.
- It slows down innovative developments
market
is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. There is little government intervention or central planning.
- Mexico
- United states
- United kingdom
- Germany
- Canada
Pros
- There is sufficient production of goods.
- It motivates merchandisers to produce quality products.
- There is less shortage and surplus of products.
Cons
- Market economy can result to having inferior products
- It is not beneficial to workers and the environment.
- It can create an imbalance in the economy.
Mixed
-
- Iceland
- Sweden
- France
- United Kingdom
- United states
- Russia
- China
Pros
- Equal Distribution of Control
- More Efficiency for Private Firms
- Freedom for Private Enterprise to Thrive On Their Own
Cons
- Challenge of Finding a Balance
- Government Going Too Far
- Excessive Intervention by the Government