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

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 Gamora
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49 views

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

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.

Uploaded by

Kiana Gamora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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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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