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Economic systems

Economic Systems

Economic Systems
What is a Traditional economy based on? Based on CUSTOMS and TRADITIONS.
Three main types of Economies? Pure command, pure market and mixed economy.
Traditional Economy People play a DIRECT role in deciding what GOODS ans SERVICES are needed in the COMMUNITY.
Traditional Economy Needs are met by HUNTING, FISHING,FARMING, and CATTLE HERDING with little contact with the outside world.
Pure command economy The GOVERNMENT decides what GOODS and SERVICES are NEEDED and how they will be produced.
Pure command economy CONSUMERS can choose which GOODS they want to USE but LITTLE SAY in what gets produced.
Pure command economy Do not exist in the world today, only economies that are SIMILAR.
Pure market economy The GOVERNMENT plays NO ROLE in the economy.
Pure market economy People are FREE to exchange GOODS and SERVICES without government INVOLVEMENT or REGULATION.
Pure market economy Do not exist in the world today, only economies that are CLOSE. This is because some level of government involvement is necessary for an economic system to FUNCTION properly.
Mixed economy ALL economies are somewhere between PURE COMMAND and PURE MARKET.
Pure market Most economies in the world are PURE MARKET.
Pure market People are FREE to decide what to produce, how to produce and how much to produce but the government can set REGULATIONS.
Pure market Government involvement is for ETHICAL and LEGAL reasons.
Created by: Jadonjack