4 Types of Economies PDF

4/5/24, 9:03 AM 4 Types of Economies | Sutori George Wells [Gibson MS] 4 Types of Economies Traditional Economy Here is one example of a traditional economy. Traditional Economy is a system of economics that decisions are based on customs, and different beliefs, also is a generation to generation. A...

4/5/24, 9:03 AM 4 Types of Economies | Sutori George Wells [Gibson MS] 4 Types of Economies Traditional Economy Here is one example of a traditional economy. Traditional Economy is a system of economics that decisions are based on customs, and different beliefs, also is a generation to generation. An example of who has a traditional economy is Africa. https://www.sutori.com/en/story/4-types-of-economies--naEhDMe1Q5Wai2uKRCKZXEPq 1/4 4/5/24, 9:03 AM 4 Types of Economies | Sutori Advantage: All the people with the traditional economy all share a nice role in their beliefs and culture. Disadvantage: Living life would lower and disbelieves on "new ideas" of living Market Economy A market economy aka capitalism, is a system that decisions aren’t made by government, but by individuals looking out for another for their own best interest. An country who has a market economy is, United States, Mexico, United Kingdom. Advantages: There is less government involved & can gradually improve on change. Disadvantages: Not enough public goods produced, defense, universal education, health care & workers and businesses face uncertainty as a result of competition and change. Here is an example Command Economy Command Economy is system of economy that is controlled by government. It can change in a dramatic short amount of time within any time limit. https://www.sutori.com/en/story/4-types-of-economies--naEhDMe1Q5Wai2uKRCKZXEPq 2/4 4/5/24, 9:03 AM 4 Types of Economies | Sutori A country who has a command economy is North Korea. Hungry Games is great example of a command economy Advantages: Basic education, health care, and other public services are available at little to no cost. Disadvantages: Individuals lack room for initiative & not a flexible to deal with day to day changes. Mixed Economy Mixed Economy is combines basic elements of marker and command economy, which includes private ownership, individual decisions making are combined between government and regulations. Country who has this economy is United States. Advantages: more & different services are provided & benefits are shared throughout. Disadvantages: High taxes & services limited. https://www.sutori.com/en/story/4-types-of-economies--naEhDMe1Q5Wai2uKRCKZXEPq 3/4 4/5/24, 9:03 AM 4 Types of Economies | Sutori Start typing… https://www.sutori.com/en/story/4-types-of-economies--naEhDMe1Q5Wai2uKRCKZXEPq 4/4