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Economic Systems (Mixed (Advantages (It rewards the most efficient workers…
Economic Systems
Mixed
Advantages
It rewards the most efficient workers with a higher profit, so they get the best value
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Disadvantage
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The defense industry could become a government ran monopoly system which could put the company into debt.
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Description
An economic system that combines aspects of both market and command economies in an attempt to efficiently distribute scarce resources.
Command
Advantages: less inequality, low unemployment levels, common good versus profit priority
Disadvantages: Lack of competition, limits innovation, reduces communication
Description: Where the government determines what goods should be produced and the price at which the goods are offered at.
Real World Example: An example of this in the real world is North Korea. I know that they use this system because the government is in control of the competition and it is more equal.
Traditional
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Disadvantages
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When the harvest or hunting is poor, people starve.
Description: economic system based on familial distribution of resources, traditions, and hunting and gathering
real-world example: Haiti- most of the economy relies on subsistence farming, and government regulation is widely constrained.
Market
Capitalism
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EXAMPLE
Canada is an example of a market economy. In Canada, the economy is total free-market. Individuals have complete control over all of their companies and the money that they make.