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.