Different Types of Economic Systems Jayden Andino Isabela Flores …
Different Types of Economic Systems
Center around family or tribe
Exists in a Hunter-Gatherer and Nomadic Society
Trades Relies Heavily on barter
Produce only what you need (rare surplus)
They Eventually evolve to form some form of currency for trade
Keeps The Tradition and Customs Alive
No Wastage of Goods
Have Scope for Evolution
Skilled and Talented People
Role Clarity and Satisfaction
Safe from Global Problems
Risk of Exploitation
Extinction of Natural Resources
Limited Growth Opportunities
Poor Medical Amenities
No Global Interaction
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ensures full employment
gov can control inflation
the government can direct businesses to invest in certain sectors of the economy
the government can develop speechified industries
Budget and Aloocation of Resources
Lack of competition
lack of freedom
prone to corruption
lack of choices
Freedom of Choice
Motive of self-interest
System of Markets and Prices
Innovation for a Competitive Edge
Limited Government Intervention
Uncertainty and Instability
Lack of Public Goods
Co- Survival of Public and Private Sectors
Safeguarding of Consumer Rights
Protection of Labor Rights
A mixed economy safeguards personal freedom
A mixed economy reduces income disparity between sections of society by providing equal opportunities for employment and education.
A mixed economy enables central planning and control. Thus, economic upheavals are avoided.
A mixed economy helps poor economies to have fast and balanced economic development.
-It promotes fair pricing and distribution of goods and services as government-owned bodies regulate the market.
In a mixed economy, the market equilibrium is tough to maintain because of public and private interests.
Problems of corruption, Kickbacks
, black market, nepotism are prevalent in a mixed economy.
Excessive state control in a mixed economy hinders the growth of private sector industries.