All About The Economy

ALL ABOUT THE ECONOMY By: Jocelyn, ,Alejandra, Antanese

GEORGIA STANDARD 

Compare how traditional, command, and market economies answer the economic questions of 1.what to produce 2. how to produce 3.for what to produce

TRADITIONAL ECONOMY 

What:an undeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies are often found in rural regions with high levels of substince farming.Countries that envolve their economiespest the traditional level often

COMMAND ECONOMY 

An economy where supply and price are regulated by the government rather than market forces. Government planners decide which good and services are produced and how they are distributed. The former Soviet Union was a example of command economy. Also called a centrally planned economy.

MARKET ECONOMY 

A system of allocating resources based on the interaction of market forces ,such as supply and demand. A true market economy is free of governmental influence, collusion and other external interference.