GRADED! The 4 Types of Economic Systems
Jaylen Kwan
Market Economy https://www.investopedia.com/terms/m/marketeconomy.asp
Mixed Economy https://www.investopedia.com/terms/m/marketeconomy.asp
Command Economy https://www.investopedia.com/terms/c/command-economy.asp
Advantage
Disadvantage
Disadvantage
Advantage
Advantage
Disadvantage
Disadvantage
Advantage
Characteristics
Characteristics
Characteristics
Characteristics
Monopolies are made, no government intervention, poor working conditions, and unemployment
Increased efficiency, productivity, and innovation
- Lack of competition, leads to lack of innovation and efficiency
- Low levels of inequality, Low levels of unemployment
A key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services. In which most industries are publicly owned.
Dependent on individuals. For example, a tribe only getting food from one household
A systtem that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. Rather than money, they use bartering instead
Smaller communities, stronger immune systems
Efficient production and allocation of resources, as well as improvement of social welfare
Tough to maintain due to public and private interests, reduces competition
A system that combines aspects from both capitalism and socialism. They protect private property and allow a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims
An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses
Example : United States, Sweden
Example : Greenland, Haiti
Example : Soviet Union, North Korea
Example : Japan, England