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
thebalance
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
Command
Market Economy
Mixed Economy
click to edit
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
Characteristics
- Private Property
- Freedom of Choice
- Motive of self-interest
- Competition
- System of Markets and Prices
- Limited Government
Characteristics
- Co- Survival of Public and Private Sectors
- Economic Planning
- Safeguarding of Consumer Rights
- Protection of Labor Rights
Wallstreet mojo
click to edit
click to edit
Characterisitcs
- Government control
- Budget and Aloocation of Resources
- Prioritization
- No Competition
- Authority
Advantages
- Business Efficiency
- Increased Productivity
- Innovation for a Competitive Edge
Disadvantages
- Lack of competition
- lack of freedom
ineffeciencies - prone to corruption
- lack of choices
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.
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
Disadvantages
- Inequality
- Negative Externalities
- Limited Government Intervention
- Uncertainty and Instability
- Lack of Public Goods
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.
click to edit