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Pre-Colombian economies in North America are an example of a economy.?
Wiki User
∙ 7y ago
Traditional economy
Gabe Kshlerin
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What are the features of a mixed economy?
A mixed economy features a "mix" of features from traditional economies, market economies, AND command economies--usually the most advantageous features from each. For example, most mixed economies borrow three of the most advantageous characteristics of a market economy: pricing, private property, and individual self-interest. The United States is one example of a mixed economy.
What is a mixed economy based on?
A mixed economy is based on several different types of economies. For example the mixed American economy is a combination of socialism and capitalism.
How is command economy different from the US economy?
Most economies and industrialized states, such as and including the United States of America, are free market systems. A command market economy, with the chief example of the bygone Soviet Union has the state (as opposed to the market) determine production and resource allocation.
How is a command economy different from the other economic systems?
Most economies and industrialized states, such as and including the United States of America, are free market systems. A command market economy, with the chief example of the bygone Soviet Union has the state (as opposed to the market) determine production and resource allocation.
What are the 3 types of economies?
Market Economy - Where consumers decide which goods and services they want and businesses provide these. Most businesses in a market economy are privately owned. The USA is an example of a market economy. Command economy - Where the government owns most businesses. The government decides what and how much will be produced. Russia and China used to have planned economies. Traditional economy - an economic system in which people make economic decisions based on customs and beliefs that have been handed down from one generation to the next. A mixed economy is another kind of economic system which bledns elements of the 3 above economic systems. It is not one of the 3 major types of economies.
Name a country that would be a good example of market economy?
The United States of America.
What are some examples of mixed economies?
When there is free enterprise as well as government control in a country, it is a mixed economy or dual economy. The United States is an example of this with some strong government regulation along with private enterprise.
What is different from a command economy and a mixed economy?
A Mixed economy is an economy that is both a planned and free enterprise economy.This means is has both STATE CONTROLLED economies and also PRIVATE OWNERSHIP economies. These 2 are commonly found the Caribbean, such as Barbados or Cuba for example. Free Enterprise is practically self explanatory. It if the economic system for people who own their own businesses such as shops. The Controlled economy is well obviously controlled by the STATE but this usually affects larger companies and businesses.
How does Mexico's economy differ from the US?
Both are capitalist economies. The main difference is the scale and development of both economies. For example, most agricultural production in the US is mechanized and market-driven, while many communities in Mexico still grow crops for subsistence. Also, the US economy is more mature with industries and large businesses first appearing around the second half of the 19th century while Mexico's economy has flourished as late as 1940-1970.
Objectives of mixed economy?
Objectives of all economic systems are: stable prices, economic growth (i.e. increase in total value of goods and services produced), full employment, and efficient use of resources to produce goods and services. Most economies today are mixed, for example the US has a mixed economy (even though it is based largely on a free market economy, it has elements of a command economy.) Mixed economies simply allow for incorporation of various aspects of each economic system to the best advantage of the country.
What is an example of modern day traditional economic system?
There are no pure traditional economy in the World now. India is not a traditional economy. Many economies continue with traditional small scale/ cottage/ village industries limited by local markets as well as traditional small scale fragmented land farming, but most economies have modern industries and transport, growing urbanization. None of the countries can be strictly referred to as traditional economies. And, many of the countries are exporting and importing through cross border trade. Many are capitalist economies, often mixed economies. Some are relatively closed economies with communist or religious dictatorships. If you mean which countries have small scale traditional industries coexisting with modern industries, then most undeveloped and developing countries fall in this category. They include, beside India, Pakistan, Sri Lanka, Bangladesh, Nepal. Vietnam, Indonesia,. Myanmar, , Mauritius, several poor African countries. A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. It is strongly connected to subsistence farming. Most countries that have historically had a traditional economy have replaced it with a command economy, market economy, or mixed economy. However, it is still found today in underdeveloped, agricultural parts of South America, Asia, and Africa. A traditional economy is where people produce most of what they need to survive. Hunting and gathering, farming, and herding cattle are the bases of traditional economy. People hunt for the food they eat or raise it themselves. Often they make their own clothing and tools. If they produce more food than they need, they trade the surplus, or extra food, for goods made by others.
Why do economists pay more attention to national economies for example the US or Canadian economies than to state or provincial economies such as California or Ontario?
This notion that economists pay more attention to the national economies is right and wrong. It's right because many "big guys" for example: Central Bank makes most of the headline regarding national economy creating a illusion that it's all the economist concerns about. In addition, foreign economists will look at a COUNTRY rather than an individual state when assessing that country's economy. However, it's wrong because many economists do work on the state level and help state/province governor make economic decision that will affect that state.
