Shared Flashcard Set

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Notes on "The 4 Types"
Tyailieka Lay
5
English
11th Grade
02/29/2016

Additional English Flashcards

 


 

Cards

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
Definition
  • One person had the power over the rural area
Term

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.
Definition
Term

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
Definition
Term

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
Definition
Term

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.

Definition
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