Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic system (Market Economy (Cons: Because profit is the single…
Economic system
Market Economy
Cons: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services.
-
Pros: When many businesses compete for the same market, they tend to keep prices down to attract consumers.
Description: In a market economy, producers and consumers make all the economic decisions. Producers decide what goods and services to offer.
-
Mixed Economy
Pros: The government can make regulations to protect the environment, workers, and the consumer.
Cons: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people.
Description:
In a mixed economy, individuals are free to make their own decisions. However, the government makes some decisions to encourage or regulate businesses or to improve people's quality of life
Pictures 
Command Economy
Pro: The government can focus all of its resources on one goal, such as China's push to increase economic development.
-
Description: In a command economy, the government owns or controls all the resources, goods, and services, and make makes all the economic decisions
-
Traditional economy
-
Cons: There is little interaction with other people. Some communities have a lower quality of life because of little healthcare, poor nutrition, and a low literacy rate.
Description: a traditional economy is most often seen in small, isolated communities. Most people are farmers who grow hunt, or fish just enough to survive
Picture:
-
-
-
-
-
-
-
-
-
State Run Capitalism. Means that the government owns and operates large companies to generate profit and to make themselves very very very wealthy. In the same system, there are privately owned companies like Canada or the states The best example is China
-
-