Comparing Economic Systems There are three different economic systems Traditional, Market and Command. The survival of any society depends on its ability to provide food, clothing and shelter for its people. Due to the fact that these three societies face scarcity, which means “The state of being scarce or in short supply”, decisions concerning WHAT, HOW and FOR WHOM to produce must be made. However, another similarity is that all societies have an economy or an economy system which is an organized way of providing for the wants and needs of their people. This determines on the type of economy system they have. Most countries around the world can be identified either by Traditional, Market or Command. A traditional economy is where roles and …show more content…
Resources are either owned privately or by the state and more importantly, the resources are controlled or heavily regulated by the state through a large amount of government power or large administrative concentration of power. Examples of some countries that are a command economy include North Korea, Cuba, the Soviet Union and the People’s Republic of China. Although, market and command economies may seem completely different from each other they share a few similarities such as, a command and market economy both have producers and consumers, goods, services, and labor. In conclusion to compare and contrast I have learned that each economy has their specific way of controlling and governing. However, this is not to say that people do not agree that one may run a government more efficient than the other. I believe a person should have the right to decide for themselves what economy they best fit in, in order to start a living and future. We all have different opinions on certain laws and government and therefore we as people make the decision what best represents us and how we agree a government should be