Term
Gemma 1-2 Traditional Economic System
- Traditional economies produce products and sevices that are direct result of their beliefs, customs, traditions, religions and more.
- Areas that tend to be rural (country-side), second-or third world ( developing) and closely tied to the land such as farming.
- Less resources than a developed country.
- One person has the power.
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Definition
- Even though one person has power the people in the tradition economic system still have a voice in society and most people are satified socially.
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Term
Gemma 2-3 Command Economic System
- After a Traditional Economy the Command Economy is next.
- A command economy is controlled by a centralized power or often; a federal government.
- The government owns everything and controls most of the resources.
- A command economy usually deals with totaliatarian ( one person has the say so or dictatorship) and commuism ( a type of government that rules everything, and non of the people have a voice.
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Definition
- The type of government a command econmy deals with the areas of the developing countries because they want to become developed by having one person in charge of everything.
- Somethings the people don't have a voice in the government affairs or decisions.
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Term
Gemma 3-4 Market Economic System
- The United States is a market economy.
- A market economy deals with free enterprise and other things of that sort.
- A market economy usually deals with a democracy ( a type of government were the people of that country or society has a voice).
- Usually you will not see a developing or undeveloped country with a market economy because their not to that level yet.
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Definition
- Sometimes in a market economy people can use there rights too much and make and uproar.
- Also sometimes in a market economy people can voice there opinion, and they feel like they have atleast sometype of authority.
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Term
Gemma 4-5 Mixed Economic System
- Mixed economy is a combination of economic systems traditional, command, and market.
- A mixed economy used some of the other economic systems to an extent.
- Mixed economy is more or less free of government ownership except for a few key areas.
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Definition
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Term
Command Economy
- I choose command economy because command economy is easier to describe.
- Alot of command economies are hard for some people to try to make decisions theirselves.
- Command Economy is one of the oldest economies on earth and in this world.
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Definition
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