type of economic system

FOUR MAJOR ECONOMIC SYSTEM

Traditional Economies

• Traditional economies are found in 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
• Technology is not used in traditional economies
• Farming, hunting and gathering are done the same way as the generaTION
  
• Economic activities are usually centered toward the family
  
• Men and women are given different economic roles and tasks

Market Economic





it an economy where in the consumers determine the value of things by how much or how little they purshase something . if an items doesn't sell much. The value of its stock drop and production is reduced . If something is in high demand then the price of the items aolng with the value of the stock in the producing firm rises . this allow the frim to build additional plants to make more of the high demand items until a point of equilbrim is reached

Centrally Planned (Command) Economy

-Centrally Planned Economy is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.
Mixed Economy

-Mixed Economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned andstate-owned enterprises or that combines elements of capitalism and socialism, or a mix of market economy andcommand economy.