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02-01-03-2023 Business Cycle Design
By Cuong Pham, Alexander Pena, Emilee…
02-01-03-2023 Business Cycle Design
By Cuong Pham, Alexander Pena, Emilee Dunagan
Traditional economy
produce goods based on customs, values, traditions, beliefs, or religion. theses areas tend to be rural and not as concerned about making money as they are surviving
advantages:
~little friction among members because there is little competition
~ individual roles are clearly defined
~ system is generally well understood by participants
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Disadvantages:
~ does not allow for growth and development
~changes are slow
~little social mobility (role is determined by birth)
~doesn't take advantage of technology
~individuals often have no control over environmental factors
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Command Economy
Countries/ places that use this type of economy: Cuba, North Korea, and the former Soviet Union
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Mixed Economy
The United states of America, Great Britain, China, Norway, Singapore, and Vietnam are all good examples of mixed economy's
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Free Market Economy
The United States, Westerner Europe, Japan they are a example of free market economy.
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