Advantage of a Command Economic System

Most public services are available atlittle to no cost

DISadvantage of a Command Economic System

Large bureaucracy required, consuming resources

DISadvantage of a Mixed Economic System

Services limited/ quality deteriorates over time

DISadvantage of a Market Economic System

Not enough public goods: defense, education,health care

Advantage of a Traditional Economic System...

Stable, predictable, and continuous life

Advantages of a Market Economic System

Individual freedom for everyone

DISadvantage of a Traditional Economic System...

stagnation and lack of progress (especially industrially)

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Ch 2 economics review economic systems

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Advantages and Disadvantages of each economic system Edit #traditionaleconomy #commandeconomy #marketeconomy #mixedeconomy

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1
Advantage of a Command Economic System
Incredible variety of goods and services
Most public services are available atlittle to no cost
Decentralized decision making
All community members have certain economicroles
2
Which country has a Traditional Economic System
Canada
Bushmen of South Africa
North Korea
Mexico
3
DISadvantage of a Command Economic System
Rewards only productive resources, not poor orsick or young
Workers face uncertainty as a result of competition & change
Services limited/ quality deteriorates over time
Large bureaucracy required, consuming resources
4
DISadvantage of a Mixed Economic System
Services limited/ quality deteriorates over time
Assistance provided for those who might have been left out
Not enough public goods: defense, education,health care
Workers strive for quantity over quality
5
Which country has a Mixed Economic System
United States
Iceland
Hong Kong
Denmark
6
DISadvantage of a Market Economic System
Individual freedom for everyone
Services limited/ quality deteriorates over time
Not enough public goods: defense, education,health care
Workers face uncertainty as a result of competition & change
7
Advantage of a Traditional Economic System...
change is dramatic in a short amount of time
More services provided
Stable, predictable, and continuous life
Lack of government interference
8
Which country is closest to a Market Economic System
Hong Kong
United States
Iceland
Australia
9
Advantages of a Market Economic System
Rewards only productive resources, not poor orsick or young
Services limited/ quality deteriorates over time
Individual freedom for everyone
Workers face uncertainty as a result of competition & change
10
Which country has a Command Economic System
Cuba
Bushmen of South Africa
Canada
United States
11
DISadvantage of a Traditional Economic System...
High taxes
stagnation and lack of progress (especially industrially)
Consumer needs and wants not met
Rewards only productive resources, not poor or sick or young

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