1. Economic Systems: Mixed & Traditional Economies
Feb 24th, 2014

2. Economies that have elements of
Mixed Economies
Economies that have elements of
Command
Market
Economies

3. Economic System Definition
A mechanism which deals with the
production,
distribution
and consumption
of goods and services in a particular society

4. Essentially deals with how to distribute a society’s resources
An Economy. . .
Essentially deals with how to distribute a society’s resources
Land
Labor
Capital

5. An Economy Must Answer the 3 Basic Questions
What to produce?
How to produce?
For Whom to Produce?

6. Traditional Economies

7. Answers the 3 Basic Econ Questions by using. . .
Habits
Customs
Rituals
Religion/Spiritual Beliefs

8. Traditional Economies are Family-Centered
The family is the foundation through which the economy is built around
Boys tend to have the same occupation as their father
Girls tend to follow what their mother does

9. Traditional economies are used by small and close-knit communities
Typically. . .
Traditional economies are used by small and close-knit communities
They lack modern conveniences
Have a lower standard of living
Exist in 3rd World Countries. Think of tribes