Economic Systems
The way in which a society decides how to use its resources to produce and distributes goods and services
What is an economic system
Bob's family from the 5th generation has been farming and hunting in order for them to eat and live. Today Bob and his immediate family follows the same trend.
What is an example of the traditional economy?
Government along with private business decides what goods and services to allocate and consume.
Cuba, China, North Korea are examples.
What are examples of a command economic system?
In this economy, the government has little control over what to produce, how to produce and for whom to produce. It drives competition.
What is the Free Market Economic system?
Operations are rigid, not much change happens and a central authority decides what happens.
What is the Command economic system?
Maroon towns in Jamaica, Arctic Regions such as Alaska and Greenland also some Africa villages in Kenya and Tanzania are examples.
What are examples of the traditional economy?
Rigid and total control and some words to describe me.
Give two words that describes the Command Economy
Economic freedom describes me.
State one thing or word that describes the free market economy.
Jamaica, Canada and Russia are examples
What are examples of the mixed economic system?