Types of Economics
BY: Kilanna Nance, Brittany Ward, Tiffany M.
Traditional Economic System
-The countries that have traditional economic systems are
Africa, Central America, South America, South East Asia, Central Asia and developing nations.
-Tradition and custom is preserved while it is non existent in market/ mixed economies.
Command Economic System
-Usually a federal government controls it.
-North Korea is the main one to use economic system.
Market economic System
- Fair trade, government programs, moral business,monopolies.
- A market economy is very similar to a free market. The government does not control vital resources, valuable goods or any other major segment of the economy.
Mixed Economic System
- In the most common types of mixed economies, the market is more or less free of government ownership except for a few key areas.
- The government owns education, transportation USPS, etc.