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  • 2. Economic SystemsAn economic system describes how a country’s economy is organized. It is a system of production, distribution and consumption. Economic systems influences the way the nation make economic choices about how the nation will use its
  • 3. The four economic system Market Economy Command Economy Traditional Economy Mixed Economy
  • 4. The Market Economy Individuals control production and allocation decisions through demand and supply. This economy is guided by the changes of prices that occur as the individual buyers and sellers interact in the market place.
  • 5. The Command Economy The government makes all the decisions and owns most of the production. The government runs all the businesses, controls all employment, and decides how goods and services will be produced. The governmental planning determines the prices of goods and services or the wages of workers
  • 6. The traditional Economy This economy is shaped by religion and customs In this economy people will always make what they always made and they will do work that they parents did.
  • 7. The Mixed Economy It is an economy with both characteristics of command and market economy. The government owns and operates only selected major sources of production. Businesses own most resources and determine what and how to produce, but the government regulates certain industries.
  • 8. Which economy is often used?1. Market Economy: more individual economy SUPPLY OUTPUT MARKETS DEMAND Goods Services FIRMS HOUSEHOLDS • Supply products • Demand products in output in output markets markets • Supply resources • Demand INPUT MARKETS in input markets resources in DEMAND Labor SUPPLY input markets Capital Entrepreneurs Physical Resources Information
  • 9. BIBLIOGRAPHY Brooke, K. (05/09/2007). Understanding Economic Systems. Coil, B. (18/12/2008). Economic systems. David. (17/10/2009). The Economic Systems. Stevenish. (08/08/2010). Different types of economic system. Yacub. (10/02/2012). Types of economic systems.