The Three Different Types Of Economies That Exist In The World

584 words - 2 pages

Every society should answer three economic questions, which are what to produce? , how to produce? , for whom to produce? The reason why a society should choose what to produce is because a product of one society’s choice is not necessarily the choice of the other choice. A society should decide how to produce goods, it is due to the fact that not all societies have the same resources, some societies may have a lot of people in them so, if they want to produce a good, they can use their human resources to accomplished their task, in the other hand societies with a low populations but a high amount of machines, can use their resources to finish their task. Some countries may be able to provide items that other countries can not, because their economy is better than those countries.
There are three kinds of economic systems. They are as follows. One is an economic system with the name of “custom based economy”, it is a system that is mostly found in the third world countries. In the system, every child of every generation will be thought to use the same ideas to produce the same good that the past generations produced. For instance, instead of putting a cloth in a dryer, they use the sun to dry it. The second economic system is called directed or planned economy. In this system decisions are usually made by the government of that country. The third economic system is the one in the United States of America. It is called market economy. In the system, the three economic questions are answered by the people through buying and selling activities in the marketplace, a place where buyers and sellers exchange goods and services in some form of...

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