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Create a Mind Map using a tool such as Popplet®, Mindmeister®, GoConqr®, or a Microsoft® Word...

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Operations Management

Create a Mind Map using a tool such as Popplet®, Mindmeister®,GoConqr®, or a Microsoft® Word document in which you do thefollowing: Define each economic system. Provide an example of eacheconomic system. Compare the pros and cons of each economic system.Identify the economic system we have in the United States. Explainwhy it is important to have an economic system. Your Mind Mapshould be between 450 to 525 words total.

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The 4 Types Of Economic Systems Explained There are four primary types of economic systems in the world traditional command market and mixed Each economy has its strengths and weaknesses its subeconomies and tendencies and of course a troubled history Below we examine each system in turn and give ample attention to the attributes listed above Its important to understand how different parts of the world function economically as the economy is one of the strongest forces when it comes to balancing political power instigating war and delivering a high or low quality of life to the people it serves Anyone interested in economics on a global level should check out this fantastic course on the crisis of capitalism and why the global economy is teetering on the verge of collapse Types Explanation Traditional Vast portions of the world still function under a traditional economic system These areas tend to be rural second or thirdworld and closely tied to the land usually through farming However there is an increasingly small population of nomadic peoples and while their economies are certainly traditional they often interact with other economies in order to sell trade barter etc Command The most notable feature of a command economy is that a large part of the economic system is controlled by a centralized power often a federal government This kind of economy tends to develop when a country finds itself in possession of a very large amount of valuable resources The government then steps in and regulates the resources Often the government will own everything involved in the industrial process from the equipment to the facilities Market No truly free market economy exists in the world For example while America is a capitalist nation our government still regulates or attempts to regulate fair trade government programs moral business monopolies etc etc The advantage to capitalism is you can have an explosive economy that is very well controlled and relatively safe This would be contrasted to socialism in which the government like a command economy controls and owns the most profitable and vital industries but allows the rest of the market to operate freely that is price is allowed to fluctuate freely based on supply and demand If you want to know how the global economy works and the role you play in it    See Answer
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