Economic Systems
TODAY'S ECONOMY
Traditional Economies
Traditional economies are based on habits and rituals. What to produce-Whatever ritual, habit or custom dictates. How to produce-However ritual, habit or custom dictate. For whom to produce-For whomever ritual, habit or custom dictate.
Market Economy
Market economy is started up by individual person. What to produce-Whatever consumers say to produce. How to produce-However the consumers tell you to produce. For whom to produce-For whomever the consumers tells you to produce.
Command Economy
Government is in charge of a command economy. What to produce-Whatever the government says to produce. How to produce-However the government tells you to produce
For whom to produce-For whomever the government tells you to produce.