Economies

                                            Works Cited Amadeo, Kimberly. “5 Traits of a Traditional Economy.” The Balance , The Balance, 3 May 2019, https://www.thebalance.com/traditional-economy-definition-examples-pros-cons-3305587. “Higher Rock Education and Learning, Inc.” Free Online Economics Lessons for Students, Homeschoolers and Teachers , https://www.higherrockeducation.org/glossary-of-terms/traditional-economy. Longley, Robert. “Command Economy Definition, Characteristics, Pros and Cons.” ThoughtCo , ThoughtCo, 4 Mar. 2019, https://www.thoughtco.com/command-economy-definition-4586459. Chappelow, Jim. “Mixed Economic System Definition.” Investopedia , Investopedia, 1 May 2019, https://www.investopedia.com/terms/m/mixed-economic-system.asp. “Free Market.” Intelligent Economist , 28 June 2019, https://www.intelligenteconomist.com/free-market/.

                 Why Mixed Economies Are The Best Economies Mixed economies, the economy known for opportunities and investments. In a mixed economy, as tons of people have proved throughout the years, one can get filthy rich. I'm talking millions and millions and millions. You don't hear about people in North Korea's command economy (or as close to command there is) making millions off an idea they had. You know why? The people did not get the credit they deserve, in fact the government takes all the credit and most of the money. People are fleeing from all over creation to the mixed economies of the world, especially the United States because they know they have the freedom to create what they want without the government taking any credit. If you don't believe me, the United States have created copyrights, which allows anybody with an idea or creation to copyright it so nobody else can steal your idea, nor money. This economic system, besides a free market, have p

Free Market         A free market economy is one in which the prices of goods and services are determined by the open market and the consumers, without government intervention. The people of the economy decide what is being produced. They can buy and sell whatever they would like.   products are made based what ever way the person would like to produce their products. Any way the producer would like to produce their products they are allowed to.          The sellers are producing for any person they desire. They can decide to produce for the people in the community, or they can only decide to produce for their family and friends. They don't have to sell to anybody they don't want to.      Some advantages of free market economy is consumer sovereignty meaning that the price of the goods are determined by the people and what they purchase so it gives the consumer a voice in the economy. Also people to have the confidence to start their own busine

MIXED ECONOMY A mixed economy is a system of that combines the characteristics of market, command, and traditional economies.    A mixed economy is partly controlled by the government and also based on supply and demand. People are allowed to own private businesses and the government still functions but has slight regulations on companies. They regulate them by making the businesses pay taxes.    Government regulates some of the goods and services produced such as schools and national parks because other wise people will have no incentive to produce those things. Also based on what the consumer likes can contribute to what goods and services are produced.      Good and services are produced by a mix between the government and the private companies. A pro of a mixed economy is that there is an equal distribution of power between private companies and the government. But a con is that sometimes the government takes more control than they need to and you can't do anythin

Traditional Economies       Traditional economy, an economy based on its name, tradition. This economy does business the way it has always been done, whether its through rituals, customs, or beliefs. As you can maybe assume, the countries (or areas) that have traditional economies are not profit motivated like the Americans, instead they are more about protecting their culture. These economies do not use money, instead they use bartering and trading techniques for products and services. Click on the following link to view more about what a traditional economy is and how and why these economies are created. https://www.thebalance.com/traditional-economy-definition-examples-pros-cons-3305587 Traditional economies decide to make products for the people and civilians they have always sold to (which is usually those with power). Whoever offers the seller is who will get the product. Yes, it's that simple. However, since these economies live nomadic lifestyles, there is not a

Economies There are several different kinds of economies that countries utilize.  They range from a system where almost anything could be sold in an open or free market, all the way to a system that allows little to no entrepreneurial activity and the government controls basically everything.  Our website is dedicated to picking each of these apart and finding out how they work in detail.  

Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services. Government pricing and production decisions. In a command economy, production is decided by government agencies, who decide the most socially efficient goods to produce. Government agencies may also set prices or give consumers rations directly. Government macro-economic objectives. In a command economy, the government will have over-riding macroeconomic objectives such as employment rates and what to produce. Some centrally planned economies may consist of not just state-owned enterprises, but some privately owned firms who are closely directed by state management.