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Traditional Economies Command Economies Market Economies Mixed Economies Four Types of Economics
Traditional economies are found in rural, non-developed countries
Some parts of Asia, Africa, South America and the Middle East have traditional economies
Customs govern the economic decisions that are made (traditions)
Advanced- technology is not used in traditional economies.
Farming, hunting and gathering are done the same way as the generations before
Economic activities are usually centered toward the family or ethnic unit
Men and Women are given different economic roles and tasks
The government or other central authority makes decisions and determines how resources will be used
Change can occur relatively easily
There is little individual freedom
There is no competition
Businesses are not run to make a profit
Consumers have few choices in the market place
Factories are concerned with quotas
Shortages are common because of poorly run factories and farms
The government dictates the job in which you work
The government sets the prices of goods and services
Examples of command economies : Cuba, North Korea and the Peoples Republic of China
Resources are owned and controlled by individuals
Economic decisions are made by individuals competing to earn profits
Individual freedom is considered very important
Economic decisions are made by the basic principles of supply and demand
Profit is the motive for increasing work rather than quotas
Government and individuals share the decision making process
Government guides and regulates production of goods and services offered
Individuals own the means of production
Government Protects consumers and workers from unfair policies
Most effective economy for providing goods and services
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