Economic System
Traditional Economic System
Traditional economic system is traditions customs and belief shape the good. Most countries use this type of economic are usually basic around the rural side. if little surplus is produced and the excess goods are made, they usually give a ruling to the landowner. The main task for workers in this traditional economy is to go hunting and gathering goods. Till now this economy is being used, usually in underdeveloped countries like South America, Africa, and Asia.
Command Economic System
This economy system is controlled by a centralized government. This focus to control on the industrial goods that are made with the country. That doesn't mean that the government and operate the production facilities producing the goods or to have a high level of control to a company. This system is to unsure that the populace for the country has sufficient supply of products that are certainly available at a price which is reasonable for the economy. All produced good price are regulated by the government, the reason to this is because they want to maintain a well balance economy and give job opportunities within the industrial production.
Market Economies
This is market economic system, the government plays a rather minor role in the economy and the lay down some rules to the facilitate business.
Mixed Economic System
This is an economic system that incorporates aspects more than one systems. This means that the economy will contain both privately owned and state owned enterprises, that they usually combined with capitalism and socialism.
Source
"Economic Systems." What Is Economics RSS. N.p., n.d. Web. 11 Jan. 2013."Market Economy." Definition. N.p., n.d. Web. 11 Jan. 2013.
"Types of Economic Systems." Shmoop. N.p., n.d. Web. 11 Jan. 2013.
"Types of Economic Systems." Shmoop. N.p., n.d. Web. 11 Jan. 2013.