Characteristics of the Three Types of Economic Systems
Instructions:
Analyze, in a graphic organizer or a table, the characteristics of the three types of economic systems.
The main objective of this assignment is to go deeper into the topics discussed in this module. All the information you need can be found in the module and the suggested online resources and instructor notes. Create a graphic organizer or a table that shows the major characteristics of the three types of economic systems. Demonstrate critical thinking in your graphic organizer.
Contribute a minimum of 1–2 pages. It should include at least 1 academic source, formatted and cited in APA.
Be sure to review the academic expectations for your submission.
Submission Instructions:
· Submit your assignment by 11:59 pm on Sunday.
· Review the rubric to determine how your assignment will be graded.
· Your assignment will be run through TurnItIn to check for plagiarism. Please check your results, make any necessary corrections, and resubmit a revised copy if the system identifies issues.
To create a well-structured and informative assignment analyzing the characteristics of the three types of economic systems (traditional, command, and market), follow these steps:
### Title:
“Comparative Analysis of Economic Systems: Traditional, Command, and Market”
### Graphic Organizer/Table Structure:
| **Characteristic** | **Traditional Economy** | **Command Economy** | **Market Economy** |
|—————————–|—————————————————————————————–|——————————————————————————————|————————————————————————————|
| **Ownership of Resources** | Primarily communal or familial ownership. | State or government ownership and control. | Private ownership with minimal government intervention. |
| **Allocation of Resources** | Based on customs, traditions, and rituals. | Central planning and directives from the government. | Determined by supply and demand in the marketplace. |
| **Decision-Making Process** | Decisions made based on customs and beliefs passed down through generations. | Decisions made centrally by government authorities. | Decentralized decision-making by consumers and producers. |
| **Role of Government** | Limited role; government involvement typically revolves around maintaining traditions. | Centralized control; government determines production quotas and resource allocation. | Minimal interference; government ensures fair competition and protects property rights. |
| **Efficiency** | Efficiency may be low due to resistance to change and lack of technological advancement. | Efficiency can be high in terms of meeting production goals set by the government. | High efficiency due to competitive pressures and profit motives. |
| **Innovation** | Limited innovation as change is discouraged to preserve traditions. | Innovation may be stifled unless directed by the government towards specific goals. | High innovation driven by competition and profit incentives. |
| **Income Inequality** | Often high due to lack of economic mobility and reliance on traditional roles. | Government may aim to reduce income inequality through redistribution policies. | Income inequality exists but can vary widely based on individual success. |
| **Examples** | Indigenous communities, some rural areas. | North Korea, Cuba, former Soviet Union. | United States, United Kingdom, most Western economies. |
### Academic Source (APA Format):
Include at least one academic source cited in APA format to support your analysis. For example:
Smith, A. (1776). *An inquiry into the nature and causes of the wealth of nations*. Retrieved from URL
### Submission Instructions:
– Ensure your assignment meets the academic expectations and includes critical thinking demonstrated through the analysis.
– Submit by the deadline specified, and check for plagiarism using TurnItIn before final submission.
This structure will help you organize your thoughts clearly and demonstrate a comprehensive understanding of the characteristics of different economic systems.
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