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

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    LIRIKO
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    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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    MICROECONOMICS

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    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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    © All Rights Reserved
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    4 views2 pages

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

    Uploaded by

    LIRIKO
    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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    © All Rights Reserved
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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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