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Types of Economies

Types of Economies

Excerpt From this Document

What are economic systems?

  • Needs: Food, Clothing, Shelter
  • Scarcity
  • Basic Questions

Traditional Economies

  • Allocation of scarce resources and nearly all other economic activity stems from ritual, habit, or custom.
  • Examples
  • Strengths
  • Weaknesses

Command Economies

  • Central authority answers most of the three basic economic questions
  • Examples: former soviet union, feudalism
  • Strengths
  • Weaknesses

Market Economy

  • An economic system in which individuals answer the economic systems
  • Examples
  • Strengths
  • Weaknesses

About this Document

This was originally a lecture done on PowerPoint, but was converted to a pdf. You can still view it like a PowerPoint (without individual bullet points coming in separately) using the FULL SCREEN view mode on Adobe Acrobat (VIEW > Full Screen Mode). Topics covered: Traditional, Command, and Market Economies

Tags: Business, economics, Exercises & Activities, Grade 10, Grade 11, Grade 12, Grade 9, Teachers

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