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    Kiana Marie D. Gamora Bsba 2B: Illustrate The Economic System

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    Kiana Gamora
    The document outlines and provides examples of the four main types of economic systems: 1) Traditional economies are based on customs and focus on agriculture and hunting. 2) Command economies have the government own and control production. 3) Market economies have private ownership and use markets to exchange goods. 4) Mixed economies combine features of market and command systems, with businesses deciding production but government regulation in some industries.

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    Kiana Marie D. Gamora Bsba 2B: Illustrate The Economic System

    Uploaded by

    Kiana Gamora
    31 views5 pages
    The document outlines and provides examples of the four main types of economic systems: 1) Traditional economies are based on customs and focus on agriculture and hunting. 2) Command economies have the government own and control production. 3) Market economies have private ownership and use markets to exchange goods. 4) Mixed economies combine features of market and command systems, with businesses deciding production but government regulation in some industries.

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    Microeconomics

    Original Title

    BasicMicro_Act1

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    The document outlines and provides examples of the four main types of economic systems: 1) Traditional economies are based on customs and focus on agriculture and hunting. 2) Command economies have the government own and control production. 3) Market economies have private ownership and use markets to exchange goods. 4) Mixed economies combine features of market and command systems, with businesses deciding production but government regulation in some industries.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views5 pages

    Kiana Marie D. Gamora Bsba 2B: Illustrate The Economic System

    Uploaded by

    Kiana Gamora
    The document outlines and provides examples of the four main types of economic systems: 1) Traditional economies are based on customs and focus on agriculture and hunting. 2) Command economies have the government own and control production. 3) Market economies have private ownership and use markets to exchange goods. 4) Mixed economies combine features of market and command systems, with businesses deciding production but government regulation in some industries.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Kiana Marie D.

    Gamora

    BSBA 2B

    Illustrate the Economic System

    While there are many terms that are used to to describe the typeof economies that exist in the world,
    most economists agree that there are four major types of economic system.

    Examples in Practice

    - An economic system based upon customs and  Villages in Africa and


    traditions. Economy is based upon agriculture and South America
    hunting.  Haiti
     The Inuit tribes in
    Canada
     The Aborigines in
    Australia
    1. Traditional
    economy
    Who decide what to produce?
     People follow their customs and make
    what their ancestors made.

    Who decides how to produce goods and services?

     People grow and make things the same


    way that their ancestors did.

    Who are the goods and services produced for?

     People in the village who need them

     North Korea
     Cuba
    An economic in which the government owns and
    operates the factors if production. Economic
    decision are made at the top and the people are
    expected to go along with their leaders make.

    2. Command
    Economy
     United States
     Great Britain
    An economic system in which individuals own and
    operate the factors of production.  Japan

    Market allow buyers and sellers come together to


    exchange goods and services.
    3. Market
    Economy

    An economic system that has features of both


    market and command economies.

    Who decides what to produce?

     Business

    Who decides how to produce goods and services?


    4. Mixed
    Economy  Business, but the government regulates
    certain industries

    Who are the goods and services produce?

     Consumers

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