Explain The Types Of Economic Systems And What They Do - Economics - Essay

998 words - 4 pages

Economic systems
Everyday of the year, people across our country and every other country around the
world make decisions as buyers and seekers, workers and business owners. All of their collective
decisions makeup a nation’s economic system. Around the world, there are a variety of economic
systems some of which are Command Systems, Market Systems , and Traditional System.
A traditional economy is a system that replies on customs, time honored beliefs.
Traditional guides economic decisions such as production and distribution such as production
and distribution. It’s a system in which people’s economic roles are the same as those of their
parents and grandparents. Traditional economies depend on agriculture , fishing, hunting,
gathering, or some combination of the above.They use barter instead of money. Most traditional
systems operate in emerging markets and developing countrie.They are often in Africa, Asia,
Latin America and the Middle East. Societies that produce goods and services in traditional ways
are found today in some parts of South America, Asia, and Africa. There, people living in an
agricultural village still plant and harvest their own food on their own land. And they ways they
produce food, clothing, and shelter area lost exactly the same as those used in the past.
Traditional decides what these people do for a living and how their work is performed. Today, no
country has a traditional economic system. Only parts of countries follow this system.
A market system , also known as capitalism, is the network of buyers, sellers, and other
actors that come together to trade in a given product or service. A market system can be specific
to a product ( coffee, mangoes, dairy ) or a cross cutting sector ( finance, labor, business
development services ). A market system’s strength depends on how well the participants obtain
financing, launch businesses and adopt new technologies and best practices. A market system is
one in which a nation’s economic decisions are the result of individual decisions by buyers and
sellers in the marketplace. Market systems are also known as free enterprise systems. The United
System has a market or a free enterprise, economic system. When you finish school you may go
to work where you choose, if a job is open and you are hire. You are also free to go to business
on your own. The price that you charge for your goods or services will be influenced by the
prices charged by competitors. The success that you have will depend on the demand by
consumers for your good. You may sell extremely well. But if people do not want what you are
selling, you will go out of businesses.
A command system is a system where the government, rather than the free market
determines what goods should be produced, how much should be produced and the price at
which goods are offered for sale. The command economy is a key feature of any communist
society. Cuba, North Korea and the former Soviet Union are examples of countries that h...

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