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Analyse three types of economic systems illustrating the problems and advantages associated with them - Essay Example

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An economy is defined as a combination of interconnected economic production and consumption activities that determine how resources are allocated. An economy is…
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Analyse three types of economic systems illustrating the problems and advantages associated with them
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Download file to see previous pages The main types of economic systems that have been in use all over the globe are traditional, command and market economic systems. Another type of economic system is the mixed economy that is a blend of pure command and pure market economies. This paper will discuss the traditional, command and market economic systems. The paper will evaluate the problems and advantages that are associated with each of the economic systems discussed.
This form of economy is shaped by traditions of the people or societies who practice it. The good and services produced follow certain long-established patterns (McCorkle, & National Council on Economic Education, 2011). Moreover, the manner in which the goods and services are exchanged also follows certain traditions. These forms of economic are rarely dynamic and hence are very predictable. The interests of the community precede personal interests. In most cases, people are expected to come together and work as a community. Personal ownership of property is rare, and if present it is controlled by certain obligations that favor the community over the individual (McCorkle, & National Council on Economic Education, 2011). In the modern world, most countries have stopped using this form of economy. However, it is still evident in communities such as the Australian aborigines who live in the Amazon.
This system of economy is mainly based on agricultural activities such as fishing, hunting, and gathering. In most cases, barter trade is used. Such economies have a characteristic of being able to meet the daily needs, but they show little economic progression. An Economic decision must follow the tradition of the community practicing this form of economic system.
In this form of economy, distribution of resources is open since it follows customs and traditions that are known by all the people. Production of goods and services is easy since each and everyone understands the role they have to play in ...Download file to see next pagesRead More
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