Economic Systems

Aly Shalaby: Grade 10: Business Studies: Ms Teel: Economic Systems For every commonwealth to answer the basic economic question, there be three questions that they should answer. The questions are What-How-For whom- to promote? .The way that a country answers these questions depends on their economic outline. Economic systems are essentially the finis making that is done to come back to those questions. There are four main types of economic systems that countries use these days: handed-down/ Subsistence Market/ Free Competitive Planned Mixed. A tralatitious scrimping is an delivery that responds the three questions based on their populace society and how the society has dealt with these questions in the earlier period. Traditional economy is an undeveloped economy and depends on agriculture as its main base. One of the main reasons a country would depend on the conventional economy is poverty, as it keeps those countries surviving. For this economic system to work, great deal exchange and trade, to divulge what is enough to keep their family alive. Nowadays, there is no pure traditional economy in the World. The disadvantage of this system is that technology doesnt interfere, and its inherited from parents.

South America including the nations of daddy New Guinea and Brazil are using the traditional system. It is also available in a number of African and Asian countries. A market economy is the form of economy in which the United States has and these questions are answered in the market by the dealings of consumer and supplier. For example, the question of what to produce may be fight back on what fashion is popular at the moment. The supplier would produce a product that they believe that the consumer will like, and it will tell on well and make good profit to the supplier. The question of how to produce is usually based on the suppliers choice. They expertness contract to fabricate a product with more employees or they might decide to... If you want to get a full essay, locate it on our website: Orderessay

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