Economic Systems Essay

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MIXED

An economic system that includes a mixture of capitalism and socialism. This type of economic system includes a combination of private economic freedom and centralized economic planning and government regulation.

TRADITIONAL

A traditional economy is a system where traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined bybartering and trading. Little surplus is produced, and if any excess goods are made, they are typically given to a ruling authority or landowner.

Hunting, gathering, and cultivation are the main tasks for workers in a traditional economy. There are big parts of the world's population that still work in traditional economies, primarily in third-world countries with larger indigenous populations. Underdeveloped areas of South America, Africa, and Asia still rely on this type of economy for survival.

Capitalist Economy - an economic system based on private ownership of capital

ECONOMIC SYSTEM

is comprised of the various processes of organizing and motivating labor, producing, distributing, and circulating of the fruits of human labor, including products and services, consumer goods, machines, tools, and other technology used as inputs to future production, and the infrastructure within and through which production, distribution, and circulation occurs.  These processes are overdetermined by the political, cultural, and environmental conditions within which they come to exist.  In comparative economic systems, these economic systems are usually defined within determinate political boundaries.

SOURCES:
http://www.mtholyoke.edu/courses/sgabriel/econ_system.htm
http://www.wisegeek.com/what-is-a-traditional-economy.htm
http://www.investopedia.com/search/default.aspx?q=traditional+economic+system&submit=Search#axzz3qDYTgG4W...

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