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Name: John Michael E. Henoguin Subject: Microeconomics Course: BSED Social Studies 1 - A Instructor: Angelo D. Bartolay

The document provides an overview of four economic systems - traditional, command, market, and mixed - outlining their definitions, key advantages and disadvantages, and sources. It defines a traditional economy as relying on customs and traditions to determine production and distribution. A command economy gives the government the principal role in planning and regulating goods and services. A market economy allows production and services to be set by changing desires in the private sector. Finally, a mixed economy combines elements of both market and command systems.

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235 views2 pages

Name: John Michael E. Henoguin Subject: Microeconomics Course: BSED Social Studies 1 - A Instructor: Angelo D. Bartolay

The document provides an overview of four economic systems - traditional, command, market, and mixed - outlining their definitions, key advantages and disadvantages, and sources. It defines a traditional economy as relying on customs and traditions to determine production and distribution. A command economy gives the government the principal role in planning and regulating goods and services. A market economy allows production and services to be set by changing desires in the private sector. Finally, a mixed economy combines elements of both market and command systems.

Uploaded by

LIRIKO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Name: John Michael E.

Henoguin Subject: Microeconomics


Course: BSED Social Studies 1 – A Instructor: Angelo D. Bartolay
FOUR ECONOMIC DEFINITION ADVANTAGES (at least 3 DISADVANTAGES (at least REFERENCES/ SOURCES
SYSTEM per economic system) 3 per economic system)
TRADITIONAL A traditional economy is a system in which  Every member of the  this type of society is https://www.thoughtco.com
ECONOMY the development and distribution of goods society knows exactly often very slow to /traditional-economy-definition-and-examples-
and services are determined by customs, what they are to do change 5180499
traditions, and time-honored beliefs. It means  There is a strong  it does not take
that they make and offer goods and services social network advantage of https://quizlet.com/
based on the people’s culture in a particular  Positions within the technological change 201845765/traditional-economy-advantages-and-
place. society are already  There is inefficient disadvantages-flash-cards/
established provision of goods and
services
COMMAND It is a type of system where the government  Society favors social  Limits liberties and https://corporatefinanceinstitute.com
ECONOMY plays the principal role in planning and welfare and equity personal rights to /resources/knowledge/economics/what-is-command-
regulating goods and services produced in the rather than pursue financial economy/
country. This economy are publicly own and profiteering stability, in favor of
run by the government who made the  Prevents monopolies social equality
decisions. by private businesses  Highly bureaucratic; all
in identified crucial planning and execution
industries, such as carried out by the
health and energy government
 Low levels or  Not being able to know
elimination of and respond to
unemployment consumer preferences
or complaints

MARKET ECONOMY A system where the production of goods and  Growing markets  Inevitable periods of https://corporatefinanceinstitute.com
services are set according to the changing attract foreign economic crisis due to /resources/knowledge/economics/definition-market-
desires and abilities of the market players. It investors the usual business cycle economy/
is privately owned and people make decisions  Wider variety of ebb and flow
by themselves. consumer goods  Possibly higher
available unemployment levels
 Encourages as compared to
entrepreneurship and command economies
new ventures  Wider economic and
social gaps

MIXED ECONOMY defined as an economic system that combines  economic freedoms to  over production or https://quizlet.com
the elements of a market economy and the choose under causes shortages /92880273/mixed-economy-flash-cards/
elements of a planned economy. It is a  everyone has a say in  irrationally of buying
combination of market and command economy  consumer buys useless https://corporatefinanceinstitute.com
economy.  protection for the products /resources/knowledge/economics/mixed-economic-
consumer and system/
companies

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