General
The 3 basic Economic Questions
What to produce, how to produce, and for whom to produce?
Traditional Economy's answer for the 3 basic economic questions.
Customs and Traditions?
Command Economy's answer for the 3 basic economic questions.
A powerful ruler or government?
Market Economy's answer for the 3 basic economic questions.
Individual producers and consumers?
Mixed Economy's answer for the 3 basic economic questions.
A combination of all other economic systems?
The purpose of a Economic System
An example of Traditional Economy.
Ancient Wisconsin Menomonee?
Primitive hunter-gatherer societies?
An example of a Command Economy.
Soviet Russia? Communist North Korea? Communist China? Communist Vietnam?
A example of Market Economy.
The USA? Canada? Japan? UK? Singapore? Chile? Australia?
Most economies today are technically mixed economies?
The 6 economic goals (must at least get 5 to be correct here)
Stability, Security, Freedom, Efficiency, Equity, and Growth?
Bartering
Trading between goods and services without using money
The main difference between socialism and communism
There is no private property in communism?
Capitalism
The free market? The idea of private individuals owning production
the 3 Government rules in a Mixed Economy (must get at least 2 to be correct)
Most economies today. The place in which we can see how much control or freedom and economy has.
Mixed? The Economic Systems Continuum?
A advantage and a disadvantage of Traditional Economy
Advantages
Close and personal communities where everyone looks after each other? Least environmental impact? Jobs and ways of things are determined for you?
Disadvantages
Poorer/worse living conditions? Discourages new ways of doing things and technology? Bad at adapting to changes? Weak against natural disasters?
A advantage and a disadvantage of Command Economy
Advantages
Great for short-term? Jump starting industries or even whole economies? Gives work to everyone? Aims to solve inequality through communism by erasing social classes?
Disadvantages
No competition means no need to work hard due to no incentives? No competition also limits innovation, technology and quality of work? Lack of individual freedom, choice and control?
Advantages and Disadvantages of Market Economy
Advantages
Resources are used effectively? Consumers have a lot choice? Competition ensures innovation? better products and labor? Goods and services are determined by what consumers are willing to pay for gives high quality products? A chance for great wealth?
Disadvantages
No government intervention can lead to problems? Inequality? Profit as the only motive can lead to problems? Damage to environment?
A advantage and a disadvantage of Traditional Economy
Advantages
All advantages of other systems and the advantage of being able to find a balance
Disadvantages
Zero real disadvantages because it can balance itself out?
Economic Systems of time have
Gotten increasing more complex as they try to improve their efforts towards their countries economic goals
Traditional Economies and globalization.
With a more connected world, the sharing of advancements and technologies make it increasing difficult for Traditional economies to exist?
Command Economies historical effectiveness over time.
Gets worse and worse? A increasingly complex and growing world makes its difficult to manage on large or national scales?
Determines what is on the market in what they choose to buy?
Mixed Economy is the best system
As it uses tradition, government and individuals to balance itself out