Economic Systems

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Economic Systems by Mind Map: Economic Systems

1. Traditional: Traditional economy is the original system in which beliefs shape the goods and manner is ruled.

1.1. One huge example of traditional economy would be fishing, tribes use the meat from the fish to trade for other products for survival.

2. Command: The command economy the covers investments, prices and other outcomes that is controlled by the government.

2.1. examples of command system would be china, and the solivent union, in which the government owns most or some of the business to the people.

3. Market: Market economy is based on the investment,production is based on the supply of demand

3.1. The united states is the best example of the market economy, in which there is good and bad. One pro for the market economy would be the supply and demand of the product. A con would be the market economy is not beneficial to workers.

4. Mixed: Mixed economy is a mixture of command and market systems.

4.1. Examples of mixed economy would be united states and Iceland. Mixed economy takes a lot of advantages and disadvantages. One pro is that it produces supply's where they are needed the most. The bad is that some business can be left out and have no support from the local government. The mixed economy is the main economic system for the united states.