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Graded! Different Types of Economic Systems Jayden Andino Isabela Flores…
Graded!
Different Types of Economic Systems
Jayden Andino
Isabela Flores
Donovan Agard
Traditional Economy
Link Title
Characteristics
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
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Advantages
Keeps The Tradition and Customs Alive
No Wastage of Goods
Have Scope for Evolution
Environmental Friendly
Skilled and Talented People
Role Clarity and Satisfaction
Safe from Global Problems
Disadvantages
Starvation
Risk of Exploitation
Extinction of Natural Resources
Limited Growth Opportunities
Poor Medical Amenities
No Global Interaction
Technologically Backward
Sources
link to www.thebalancemoney.com
https://www.wallstreetmojo.com/traditional-economy/
Command
Advantages
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
Characterisitcs
Government control
Budget and Aloocation of Resources
Prioritization
No Competition
Authority
Disadvantages
Lack of competition
lack of freedom
ineffeciencies
prone to corruption
lack of choices
Market Economy
Characteristics
Private Property
Freedom of Choice
Motive of self-interest
Competition
System of Markets and Prices
Limited Government
Advantages
Business Efficiency
Increased Productivity
Innovation for a Competitive Edge
Disadvantages
Inequality
Negative Externalities
Limited Government Intervention
Uncertainty and Instability
Lack of Public Goods
Sources
https://www.thebalancemoney.com/market-economy-characteristics-examples-pros-cons-3305586
https://www.investopedia.com/ask/answers/033015/what-are-some-advantages-market-economy-over-other-types-economies.asp#:~:text=A%20market%20economy%20promotes%20free,efficiency%2C%20production%2C%20and%20innovation
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https://www.hellovaia.com/explanations/microeconomics/economic-principles/market-economy/#:~:text=Disadvantages%20of%20a%20market%20economy,and%20lack%20of%20public%20goods
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Mixed Economy
Characteristics
Co- Survival of Public and Private Sectors
Economic Planning
Safeguarding of Consumer Rights
Protection of Labor Rights
Wallstreet mojo
Advantages
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.
Disadvantages
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.
Sources
https://www.wallstreetmojo.com/mixed-economic-system/
sources
https://images.app.goo.gl/if7eBEKXUv9sCbDS6
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiwpKGEyayBAxWnmYQIHahiD7wQFnoECBsQAw&url=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fc%2Fcommand-economy.asp%23%3A~%3Atext%3DUnderstanding%2520Command%2520Economy%2Cas%2520a%2520socialist%2520market%2520economy.&usg=AOvVaw0SNv2DFMLx6WO0neSPiu3y&opi=89978449
https://images.app.goo.gl/PWxPKxRtZryyW54g8
