Four Basic Economic Systems

Question

So it's our first week of class and our teacher in in South Africa. He left this assignment sheet with a TON of stuff to do. so on of the assignments is to make a chart explaining the four economic systems (Traditional, Command, Market, and Mixed) on a chart in 6 different ways (Private, Ownership, Consumer-Severity, Competition, Government Regulation, and Profit Motive)

Does anyone have a clue how to help me figure this out? I don't know what he expects us to fill in this chart with.

Answer 1

Well first u must research each component individually, then you can put them all together. If I were to explain all this to u on YA it would be like a freakin' 50 page essay.

South Africa...nice, nice!

Answer 2

Here are explanations in brief:

♦ Market economy (the basis for several "hands off" systems, such as capitalism).

http://en.wikipedia.org/wiki/Market_econ...

♦ Mixed economy (a compromise economic system that incorporates some aspects of the market approach as well as some aspects of the planned approach).

http://en.wikipedia.org/wiki/Mixed_econo...

♦ Planned economy (the basis for several "hands on" systems, such as socialism).

http://en.wikipedia.org/wiki/Planned_eco...

♦ Traditional economy (a generic term for the oldest and traditional economic systems)

http://en.wikipedia.org/wiki/Traditional...

♦ Participatory economics (a recent proposal for a new economic system)

http://en.wikipedia.org/wiki/Participato...