Economic Systems

By: Alomaur Day

StandardSS7E5 The student will analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce. b. Explain how most countries have a mixed economy located on a continuum between pure market and pure command. c. Compare and contrast the economic systems in Israel, Saudi Arabia, and Turkey.

What to produce, how to produce, and for whom to produce.

Traditional economies produce: mainly agricultural things Traditional economies produce by: custom and tradition. Traditional economies produce for: countries that consume goods. Command economies produce: things that the government allows. Command economies produce by: the government. Command economies produce for: Market economies produce: things that the government can not control Market economy economies produce on their own things

Pure Market and Pure Command

Most countries are mixed because, if you have a pure market economy people could probably sell and trade illegal things. If you have a pure command economy, then the government will take control over every thing.

Israel, Saudi Arabia, and Turkey

Israel has a market economy. Saudi Arabia has a command economy. Turkey has a market or traditional economy

Thank You!Sources

http://wiki.answers.com/Q/What_is_traditional_economy http://www.answers.com/topic/market-economy http://www.answers.com/topic/command-economy http://en.wikipedia.org/wiki/Market_economy http://en.wikipedia.org/wiki/Economy_of_Turkey http://en.wikipedia.org/wiki/Economy_of_Israel http://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia