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Economic Systems

Economic System Characteristics

Customs govern the economic decisions that are made. Traditional
Technology is not used. Traditional
Farming, hunting and gathering are done the same way as the generation before. Traditional
Economic activities are usually centered toward the family or ethnic unit. Traditional
The government or other central authority makes decisions and determines how resources will be used Command
Change can occur relatively easily. Command
There is no economic freedom. Command
There is no competition. Command
Businesses are not run to create a profit. Command
Consumers have few choices in the market place. Command
Factories are concerned with quotas. Command
Shortages are common because of poorly run factories. Command
The government dictates the job in which you work. Command
The government sets the prices of goods and services. Command
Resources are owned and controlled by individuals. Market
Economic decisions are made by individuals competing to earn profits. Market
Economic freedom is considered very important. Market
Economic decisions are made by the basic principles of supply and demand. Market
Profit is the motive for increasing work rather than quotas. Market
This system is also described as capitalism. Market
There are many economic freedoms. Market
There is competition among businesses. Market
Competition determines price which increase the quality of the product. Market
Government and individuals share the decision making process. Mixed
Government guides and regulates production of goods and services offered. Mixed
This system protects consumers and workers from unfair policies. Mixed
This is considered the most effective economy for providing goods and services. Mixed
Created by: smmhr5
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