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Traditional Economies Command Economies Market Economies Mixed Economies Four Types of Economics.

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Presentation on theme: "Traditional Economies Command Economies Market Economies Mixed Economies Four Types of Economics."— Presentation transcript:

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2 Traditional Economies Command Economies Market Economies Mixed Economies Four Types of Economics

3 Traditional economies are found in rural, non-developed countries

4 Some parts of Asia, Africa, South America and the Middle East have traditional economies

5 Customs govern the economic decisions that are made (traditions)

6 Advanced- technology is not used in traditional economies.

7 Farming, hunting and gathering are done the same way as the generations before

8 Economic activities are usually centered toward the family or ethnic unit

9 Men and Women are given different economic roles and tasks

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11 The government or other central authority makes decisions and determines how resources will be used

12 Change can occur relatively easily

13 There is little individual freedom

14 There is no competition

15 Businesses are not run to make a profit

16 Consumers have few choices in the market place

17 Factories are concerned with quotas

18 Shortages are common because of poorly run factories and farms

19 The government dictates the job in which you work

20 The government sets the prices of goods and services

21 Examples of command economies : Cuba, North Korea and the Peoples Republic of China

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23 Resources are owned and controlled by individuals

24 Economic decisions are made by individuals competing to earn profits

25 Individual freedom is considered very important

26 Economic decisions are made by the basic principles of supply and demand

27 Profit is the motive for increasing work rather than quotas

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29 Government and individuals share the decision making process

30 Government guides and regulates production of goods and services offered

31 Individuals own the means of production

32 Government Protects consumers and workers from unfair policies

33 Most effective economy for providing goods and services

34 Four Types of Economics Traditional Economies Command Economies Market Economies Mixed Economies Review

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