ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mixed Economy
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Market Economy
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Command Economy
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Traditional Economy
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Detailed explanation-1: -The 4 main types of economic systems are traditional economies, command economies, market economies, and mixed economies.
Detailed explanation-2: -Traditional Economy Traditional economies organize their economic affairs the way they have always done (i.e., tradition). Occupations stay in the family. Most families are farmers who grow the crops they have always grown using traditional methods.
Detailed explanation-3: -What is a Family Economy? A family economy is a simple work and pay system. The base idea is that you take the money you are already spending on your children (for clothes, toys, birthday gifts for friends and siblings, etc.) and reroute it through their choices (their responsibilities they can choose to complete).
Detailed explanation-4: -Examples of traditional economies include the central African Mbuti, the Australian Aborigines, and the Inuit of Northern Canada. The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition.