Term
Gemma 1-2 Traditional Economic System
- Mainly an undeveloped economy that use primitive tools and to harvest and hunt for food
- They are found in rural areas that is great for farming, because farming is a big part of the traditional economic system
- Traditional doesn't recieve the type of surplus and profit as the mixed or market does
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Definition
- One person had the power over the rural area
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Gemma 2-3 Command Economic System
- Many things are fundamentlly wrong with a command economy
- Larger part of the command economy is controlled by a centralized power, like a federal government
- Everything that the country owns the government takes over.
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Gemma 3-4 Market Economic System
- Very similar to a free market
- Organizations run by the people determine how the economy runs
- Capitalism and socialism have some effect on the Market Economy because its not truly a free market economy
- Capitalism, you can have a big economy that is controlled and safe.
- Socialism, controls and owns the most profitable and vital industries
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Gemma 4-5 Mixed Economic System
- (Dual Economy)
- mixture of economic systems mainly market and command economics
- Benefits for the economy consist of education, transportation
- Mostly free market and are strongly controlled by the government
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I chose Traditional Economy because i feel that traditional is what every nation should take upon, it may have had alot of consequences during the time , but tradition is what keeps families alive. |
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