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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