The four economics
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- - Hey Alex Can you please help me with the four typesof economics, I know that your ahead of the class and I want to be ahead too socan you please help me?
- Oh okay well I got to focus today.
- Ya that’s the problem I forgot to study but I heardthe teacher will be explaining it today
- We will begin with traditional economy. Traditional Economyis centered around the idea that as a society you will just keep doing what youhave done in the past passing down of cultures and traditions. The individualpeople don’t have a lot of freedom in this type of economy you will continue todo what the people did before you ass clean the farm or till the land.
- Okay students today we will be learning aboutthe 4 economic systems which are, Traditional, market, mixed, and command.
- Next, we will be talking about is market. Market economy is where business and individuals are consumers, they make up all of the decisions. There is no government when it comes to market economy instead there is voluntary exchange.
- Next but not last is mixedeconomy. A mixed economy is a system that combines characteristics of market,command, and traditional economies. It benefits from the advantages of allthree while also experiencing some of the disadvantages.
- the last one from them all is the command system. A command economy is one based on complete control by the government. The central plan for the economy is to set priorities for the production of all goods and services.
- today was a tiring day but at least I learned what the four economics are.
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