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2.01 Comparing Economic Systems
Name: Paul Zuo :P
• Guarantees equal standard of living for everyone
• Less crime and poverty
• Needs are provided for through the government
• Minimal choices, Fewer choices of items
• No incentive to produce better products
• Advantage:competition to have the best products and services
• Disadvantage:huge rift between wealthy and poor
• Advantage:balance of needs and wants met by government and in
• Disadvantage:citizens have to pay taxes
• Advantage:people have specific roles; security in the way things are done
• Disadvantage:Technology is not used; difficult to improve
2.01 Comparing Economic Systems Name: Page 2
1. Name some similarities between Command and Traditional economic systems.
trational economy is an economy system in which resources are allocated by inheritances...and
command economy is runed in a different way
2. Name some similarities between Command and Mixed economic systems.
Men and women are given different economic roles and tasks
3. Name some similarities between Market and Traditional economic systems.
4. Name some similarities between Market and Command economic systems.
some similarities are that they both have producers and consumers, goods and services, and also
money and labor.
5. Name some similarities between Market and Mixed economic systems.
6. In addition to all these being Global Economic Systems, name one major similarity in