Term
Gemma 1-2 Traditional Economic System
- Traditional economies are based off of their beliefs,customs, traditions, religioins etc...
- Traditional economies usually are rural,and second- or third world
- It thrives off of farming
- The biggest disadvantage that Traditional Economy has is that it will not see the surplus as other economies because of its lack of natural resources
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- Traditional economies do no enjoy things like Western medicine , centralized utilities, and technolgy ,yet again because of the lack of natural resources
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Term
Gemma 2-3 Command Economy
- A great asset to command economy is that a large part of the economic system is controlled by a centralized power; often a federal government
- In Command Economy a large part of the economic system is controlled by a centralized power
- This economy develops when a country finds itself in possession of a very large amount of valuable resources
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Gemma 3-4 Market Economy
- In a Market Economy the government does not control important resources, goods, or any other major segments of the economy
- The advantage to Capitolism is you can have an explosive economy that is very well controlled and relatively safe
- The bigges advantage to Market Economy is really the gap of seperation betweeen the market and the economy.
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Gemma 4-5 Mixed Economy
- A Mixed Economy is a combination of economic systems between Command, Market , and Tradiotional Economy
- In common Mixed Economies the market is more or less free of government ownership
- It can suffer from similiar problems that other economies have is its major downfall
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Amadeo 1 Market Economy
- A Market Economy is when all decisions are made by the free market
- Market Economy ties into Capitolism because it requires it to determine the value of supply
- A Market Economy is really a more evolved form of a Traditional Economy
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