Types of Economics

BY: Kilanna Nance, Brittany Ward, Tiffany M.

Big image

Traditional Economic System

-Mostly in places that farm.

-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.

Big image

Command Economic System

-A large part of the economic system is controlled by a centralized power.

-Usually a federal government controls it.

-North Korea is the main one to use economic system.

Big image

Market economic System

- No truly free market economy exists in the world. For example, America is a capitalist nation, while our government still regulates.

- 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.

Big image

Mixed Economic System

- A mixed economic system( also known as a dual economy) is just like it sounds( a combination of economic systems), but it primarily refers to a mixture of a market and command economy

- 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.