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Economic Systems

Economic Systems. Scott Slutsky Period 3. Three Different Types. Command Economy Market Economy Traditional Economy. Command Economy. Common in dictatorships and communist countries Government makes all decisions Decides how and what products are sold

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Economic Systems

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  1. Economic Systems Scott Slutsky Period 3

  2. Three Different Types • Command Economy • Market Economy • Traditional Economy

  3. Command Economy • Common in dictatorships and communist countries • Government makes all decisions • Decides how and what products are sold • Discourages individualistic profits • Tries to distribute goods and wealth equally • Capable of rapid changes • Very stable, no depressions

  4. Market Economy • Economic decisions based on supply and demand • People can get whatever they can afford • People can decide what they do for a job • People work harder, knowing there is competition • “Free Market” • Lower class emerges • Uncertainty in private business world

  5. Traditional Economy • Economy based on agriculture • Used in underdeveloped countries • Clearly defined roles • Slow to change • Little economic growth

  6. Examples of Command Economies • China • Cuba • North Korea

  7. Examples of a Market Economy • United States • Canada • United Kingdom • Germany

  8. Examples of a Traditional Economy • Bangladesh • Malawi • Burma • Ivory Coast

  9. Citations • http://www.investorglossary.com/command-economy.htm • http://www.investopedia.com/terms/c/command-economy.asp#axzz25n7g2naX • http://www.investopedia.com/terms/m/marketeconomy.asp#axzz264aKBDKS • http://www.nyu.edu/projects/ollman/docs/china_speech2.php • http://www.wikinvest.com/concept/Market_Economy • http://socyberty.com/economics/the-advantages-and-disadvantages-of-traditional-command-and-market-economies/ • http://wiki.answers.com/Q/What_are_examples_of_traditional_economies

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