Shared Flashcard Set


Note cards for " Four Types"
Brianna Ickom
Language - English
11th Grade

Additional Language - English Flashcards





Gemma 1-2 Traditional Economic System

  • Traditional economies produce products and sevices that are direct result of their beliefs, customs, traditions, religions and more. 
  • Areas that tend to be rural (country-side), second-or third world ( developing) and closely tied to the land such as farming. 
  • Less resources than a developed country.
  • One person has the power. 
  • Even though one person has power the people in the tradition economic system still have a voice in society and most people are satified socially.

Gemma 2-3 Command Economic System

  • After a Traditional Economy the Command Economy is next. 
  • A command economy is controlled by a centralized power or often; a federal government. 
  • The government owns everything and controls most of the resources.
  • A command economy usually deals with totaliatarian ( one person has the say so or dictatorship) and commuism ( a type of government that rules everything, and non of the people have a voice.
  • The type of government a command econmy deals with the areas of the developing countries because they want to become developed by having one person in charge of everything.
  • Somethings the people don't have a voice in the government affairs or decisions.

Gemma 3-4 Market Economic System

  • The United States is a market economy. 
  • A market economy deals with free enterprise and other things of that sort.
  • A market economy usually deals with a democracy ( a type of government were the people of that country or society has a voice).
  • Usually you will not see a developing or undeveloped country with a market economy because their not to that level yet.
  • Sometimes in a market economy people can use there rights too much and make and uproar.
  • Also sometimes in a market economy people can voice there opinion, and they feel like they have atleast sometype of authority.

Gemma 4-5 Mixed Economic System

  • Mixed economy is a combination of economic systems  traditional, command, and market. 
  • A mixed economy used some of the other economic systems to an extent.
  • Mixed economy is more or less free of government ownership except for a few key areas.

Command Economy

  • I choose command economy because command economy is easier to describe.
  • Alot of command economies are hard for some people to try to make decisions theirselves.
  • Command Economy is one of the oldest economies on earth and in this world. 
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