Professional Documents
Culture Documents
Economic Systems 1229611396944599 2
Economic Systems 1229611396944599 2
Systems have evolved as different societies have placed different emphasis on different goals and priorities in their efforts to answer the Three Key Economic Question.
Traditional Economy
Family or Community
based Economic System that relies on custom and ritual to make its choices. Examples:
Market Economy
Individual or Consumer
based Economic System that relies on the consumption choices of consumers. Examples:
Command Economy
Centrally Controlled
Mixed Economy
Economic System that