ECONOMICS
Students’ names __________________
Date ________________
Comparison of four ECONOMIC SYSTEMS (aggregated table)
CRITERIA TRADITIONAL
ECONOMY
1. Definition `a system in which the
development and
distribution of goods and
services are determind by
customs
2. The main Goal The main goal of a
of the Economic traditional economy is
System survival. It aims to be self-
sufficient, meaning that the
community produces what
it needs , this type focus on
meeting the basic needs of
the community through the
production and distribution
of goods and services
3. Associated terms Traditional economies are
systems in which the
development and
distribution of goods and
services are determined by
customs, traditions, and
WebQuest
MARKET ECONOMY
s an economic system where
two forces, known as supply
and demand, direct the
production of goods and
services. Market economies
are not controlled by a
central authority (like a
government) and are instead
based on voluntary
exchange.
A market economy is driven
by the motive of self-
interest. Consumers have
the motive of trying to get
the greatest benefits from
their budgets.
closely associated with
capitalism. Individuals and
businesses own the
resources and are free to
exchange and contract with
each other without
COMMAND ECONOMY
Which sociality or
government and distribute
available resources
Economic growth
Economics sufficiency
Security
Economic freedom
Economic equity
Stability
Allows
q the activities related to
production, comsumption
Topic: Task 2
MIXED ECONOMY
Is a system that combine
aspects of both capilism and
socially
Price ability, economic
growth, equitable wealth
Economics order
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ECONOMICS WebQuest Topic: Task 2

time-honored beliefs. permission from

Fundamental economic government authorities
decisions, such as the
production and distribution
of goods and services,

4. Different names Traditional economies are Market, traditional, planned

for the economic also known as
system subsistence economies

5. Who decides The government The government By market

three main
economic
questions
6. Who usually states have primary Stale, local Natural resources can
Owns natural authority and natural endepnding on the specific
resources in the resource ownership in the country
country? three-mile area extending
outward from their coasts
7. Kinds of Sole proprietorship State owned- non-profit
business- General partnership organization
Ownership
8. Individual is a concept that refers to Have economics freedom A key aspect of a mixed
Freedom the ability of individuals to when property they acquire economy, but it is important
act or think as they choose without the use of force to note
without being constrained
by external forces or
pressures
9. Freedom of Traditional economies To allocate their resources Between Sociality and
economic choice rarely achieve economic as they
freedom, economic growth,
and high standard of living

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ECONOMICS WebQuest Topic: Task 2

10. Who Controls The demand and supply The government Prices of goods and services
the prices of together determine the are determined by the
goods and prices in a market interaction
services on the economy. It is based on the
market buyers' willingness to buy
or
the suppliers' willingness to
sell
11. The main Role Maintain law and order in a Provide the legal Provide the goods and
of government country Maker national services maintaining law
defense stronger Regulate
money supply Provide
certain public goods and
services which the private
sector fails to provide
12. Workers’ Workers may be Workers are incenticivized by
incentives incentivized by a variety of a combination of market
factors including wages or based incentives
salaries, benefits such as
health insurance or
retirement plans,
13. Consumers’ Price signals, quality
incentives are:
14. Main Keeps the traditional and The equal distribution of Flexable, adaptability, social
Advantages custom alive wealth welfare
15. Main starvation In equality, poor health
Disadvantages
16. Examples Canada, Alaska French, netherland, japan Australia, French, garmen
(countries,
regions)

CONCLUSION – Which economic system is the most efficient for the modern Global Economy? (Support your opinion by arguments)
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ECONOMICS WebQuest Topic: Task 2