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    Bsa2a Igarta, Roselyn. Activity 1.2.1

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    Roselyn Igarta
    This document compares different types of economies: - Traditional economies rely on customs and history to determine production and distribution, while market economies use private ownership and voluntary exchange. - Mixed economies combine elements of command and market economies, with the government working with producers. - Command economies give the government control over production decisions, rather than individuals, whereas market economies rely on supply and demand. - Mixed economies blend government intervention and free market forces, allowing private production along with regulation, as opposed to purely free market systems.

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    Bsa2a Igarta, Roselyn. Activity 1.2.1

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    Roselyn Igarta
    29 views1 page
    This document compares different types of economies: - Traditional economies rely on customs and history to determine production and distribution, while market economies use private ownership and voluntary exchange. - Mixed economies combine elements of command and market economies, with the government working with producers. - Command economies give the government control over production decisions, rather than individuals, whereas market economies rely on supply and demand. - Mixed economies blend government intervention and free market forces, allowing private production along with regulation, as opposed to purely free market systems.

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    BSA2A IGARTA, ROSELYN. ACTIVITY 1.2.1

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    This document compares different types of economies: - Traditional economies rely on customs and history to determine production and distribution, while market economies use private ownership and voluntary exchange. - Mixed economies combine elements of command and market economies, with the government working with producers. - Command economies give the government control over production decisions, rather than individuals, whereas market economies rely on supply and demand. - Mixed economies blend government intervention and free market forces, allowing private production along with regulation, as opposed to purely free market systems.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    29 views1 page

    Bsa2a Igarta, Roselyn. Activity 1.2.1

    Uploaded by

    Roselyn Igarta
    This document compares different types of economies: - Traditional economies rely on customs and history to determine production and distribution, while market economies use private ownership and voluntary exchange. - Mixed economies combine elements of command and market economies, with the government working with producers. - Command economies give the government control over production decisions, rather than individuals, whereas market economies rely on supply and demand. - Mixed economies blend government intervention and free market forces, allowing private production along with regulation, as opposed to purely free market systems.

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    IGARTA, ROSELYN T.

    BS in ACCOUNTANCY
    AE 106 ECONOMIC DEVELOPMENT
    Activity 1.2.1
    Traditional Economy vs. Market Economy
    Traditional economy is a system that answers all the economical questions (what
    goods are to be produced, how much goods are to be produced, how goods and services
    are produced/performed and for whom goods are produced) typically through customs,
    beliefs and through history based on society's part of practices. While market economy
    utilize private ownership as the means of production and voluntary exchange or made
    contracts between the seller/s and the buyer/s among themselves.
    Traditional Economy vs. Mixed Economy
    As defined, traditional economy are based on subsistence economy, basically a
    means of keeping alive or in tagalog, pantawid-buhay. While mixed economy, answers all
    the economical questions and it is a combination of command and market economy,
    where the producers are working closer with the government.
    Traditional Economy vs. Command Economy
    Traditional economy are based on what has been the practices of a certain society
    with regards to their livelihood and it is passed down generation to generation without
    any intervention of any economical systems. While command are when government are
    the one who are responsible for production of goods whether its people don't want and
    need it, it leaves no choice for the people.
    Market Economy vs. Command Economy
    Market economy is centralized by sovereignty or supreme power of authority
    influenced by the system depends on prices set by the conditions of demand and supply,
    while, Command economy is when the government are the one who decides the questions
    for the country. It is not the people who decides what to produce for consumption unlike
    in market, it is when people are free to authorize their own production of good/s and
    service/s with inclusion of buyer/s intention.
    Command Economy vs. Mixed Economy
    Command economy are when government decides for its people without any
    intervention to individuals belonging to a certain place. While Mixed economy is the
    intervention of two economies which are command and market, it is part command which
    is governed by the government or it is part free where two agents (seller and buyer) have
    voluntary exchange of agreement.
    Mixed Economy vs. Market Economy
    Mixed Economy is a blend of free market and government intervention which
    there is an healthy competition between producers and allows private participation of
    production, and to regulate profit motives, incentives and other factors of the economy.
    While market economy relies on purely free market depends on the prices set by the
    conditions of demand and supply.

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