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    Compare The Different Economics Systems by Filling Out The Matrix of Comparison Provided Below

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    John Kelly Palad
    - The document compares the traditional, command, market, and mixed economic systems by filling out a matrix on ownership of resources, decision makers, role of government, allocation of resources, and incentives. - In a traditional system, ownership is by families/tribes and decisions based on customs. The command system has government ownership and control. A market system has private ownership and decisions based on supply and demand. A mixed system has aspects of both private and public ownership.

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    Compare The Different Economics Systems by Filling Out The Matrix of Comparison Provided Below

    Uploaded by

    John Kelly Palad
    38 views3 pages
    - The document compares the traditional, command, market, and mixed economic systems by filling out a matrix on ownership of resources, decision makers, role of government, allocation of resources, and incentives. - In a traditional system, ownership is by families/tribes and decisions based on customs. The command system has government ownership and control. A market system has private ownership and decisions based on supply and demand. A mixed system has aspects of both private and public ownership.

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    mimi

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    - The document compares the traditional, command, market, and mixed economic systems by filling out a matrix on ownership of resources, decision makers, role of government, allocation of resources, and incentives. - In a traditional system, ownership is by families/tribes and decisions based on customs. The command system has government ownership and control. A market system has private ownership and decisions based on supply and demand. A mixed system has aspects of both private and public ownership.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    38 views3 pages

    Compare The Different Economics Systems by Filling Out The Matrix of Comparison Provided Below

    Uploaded by

    John Kelly Palad
    - The document compares the traditional, command, market, and mixed economic systems by filling out a matrix on ownership of resources, decision makers, role of government, allocation of resources, and incentives. - In a traditional system, ownership is by families/tribes and decisions based on customs. The command system has government ownership and control. A market system has private ownership and decisions based on supply and demand. A mixed system has aspects of both private and public ownership.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Compare the different economics systems by filling out the matrix of comparison provided below:

    ECONOMIC SYSTEM TRADITIONAL COMMAND MARKET MIXED

    In this government
    controls the mode of
    It is owned by a private Private citizens are permitted
    production. They are the
    ownership of resources and it in a mixed economy to own
    It is owned by the family, one who decides the
    OWNERSHIP OF RESOURCES exchanges the contracts and regulate some (if not
    group or tribes. means of production and
    through means of production most) of the productive
    it owns the industries
    and voluntarily. resources.
    which produce public
    goods and services.

    Strategic decision exists in


    economies. The economy of
    The decisions are based the market is focused on Both market forces and
    on the individuals and private industry. The mode of government choices in a
    The decision making
    DECISION MAKER(S) OR tribes that make the production belongs to a mixed economy evaluate
    process are centered in
    PROCESS decisions. Also, it is more private individuals or groups which products and services
    the government.
    on the customs, religious that run a business. Also, are generated and how they
    beliefs and traditions. provide or supply the good are transmitted.
    and services based on
    demand.
    ROLE OF GOVERNMENT The government The role of the government is The government's main role
    controls relevant facets to regulate to prevent from and responsibilities in the
    of economic aggrieved people. And has a mixed economy include the
    development and the little decision-making. maintenance of the legal and
    economic production. social framework, the
    provision of public goods and
    services, the upkeep of
    competition, the reallocation
    of income and the
    preservation of the
    economy.  The second is the
    provision of goods and
    services to the public.
    The resources are distributed
    in a free market environment
    through the interaction of
    In a conventional Mixed economies can also
    Governments will the economic forces that are free
    economy, people's have a separate public
    one who allocates the and self- directed. It
    supply and demand are sector, where government
    ALLOCATION OF RESOURCES resources on a specific guarantees that whether to
    allocated by custom and personnel, such as security,
    place both distribution produce is decided by buyers,
    culture, provided and police, and fire services are
    of goods and services. how to produce is determined
    required. primarily distributed.
    by suppliers, and who gets the
    goods depends on the buying
    power of customers.
    Usually, mixed markets
    preserve private property.
    They usually allow supply and
    demand - not governments
    It has the economic Its incentives are low of
    or arbitrary price structures -
    stability. Everyone inequalities and
    to decide markets in a free
    INCENTIVES knows the role what unemployment rate. It
    market manner. Mixed
    they play in a traditional has the free education,
    economies allow the
    economy. healthcare and etc.
    economy, because of its
    nature, to be guided by
    private self-interest and
    incentives.

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