Economic Systems



Understanding Economic Systems

For this assignment you and a partner will address how each economics system operates. The four types we have discussed are listed below.

Command Economy

Market Economy

Mixed

Traditional

Each assignment must include the following:

I. How does each economic system address the economic topics below? Think about the following:

• Does it exist in the four economics systems?

• Provide an example for each system where each does or does not exist.

Private ownership

Profit motive

Consumer sovereignty

Competition

Government regulation

*NOTE*-if you are not familiar with one of the above topics you need to look it up. In all cases it is as simple as a Google search or a review of you notes or textbook.

II. How does the system meet broad social and economic goals? In many cases the answer will be that it doesn’t.

A. freedom

B. security

C. equity

D. growth

E. efficiency

F. stability

III. Provide an example of a country that represents each type of system.

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