Activities for 3 Economies of the World 1. Name the 3 economies of the world tod

Question

Activities for 3 Economies of the World 1. Name the 3 economies of the world today (2016) he s economy, he econ 2. Define each of them. Provide major characteristics of each. omy e china, he eonomy of eicrman 3. What are the advantages of each of the 3? 4. What are the disadvantages of each of the 3? 5. For each of the 3, name 3 countries that live under that economy. 6. What is the most important feature to you that an economy might provide? 7. What is the least important feature of an economy to you? 8. Can the type of economy have a direct relationship with per capita income? Explain. 9. Project 20 years forward (2036,) what type of economy do you believe the U.S. will have? State a few things you would expect from that economy. 10. How did the U.S. decide to settle on capitalism? Explain.

Explanation / Answer

Answer:- there are mainly three types of economies in the world at present which are as below:-

Free economy

Command Economy

Mixed Economy

Answer:- Free economy:- These kinds of economies mainly exist in the democratic countries. The individuals and businesses are allowed to take their own business and market related decisions. There is no interference of the government. The decisions are taken by the independent business and individuals on the basis of market forces.

Command Economy:- These economies are regulated and governed by the central planning board or the government of the country. It is the government which decides what to product and how much to produce, distribution of the products and so on.

Mixed Economy:- this economy has the traits of both the earlier economies. There are some sectors where there is no role of the government while in some sectors which are of social significance, the government controls the business.

Answer:-

Advantages of Open Economy:- No control of government, business are free to operate, market forces decides the price and supply, efficient allocation of resources, innovations are boosted, customers are the king

Advantages of command Economy:- The preference is given to most needed sector, the policies are made to serve hoe who need the resources most, the focus is no reducing the price , the focus is on social benefits rather than profits

Advantages of Mixed Economy:- Distribution of goods to those who need it most, highest profit is accomplished by the most efficient producer encourages innovations automatic allocation of resources to most efficient producers

Disadvantages of Open Market:- It may result in over utilization of resources, customers can be exploited by the market, the social benefits are avoided, the concerns of environment becomes secondary,

Disadvantages of Mixed Economy:- The central planning board can regulate the operations of the business, lobbying has a big role to play, It can result in some inefficient allocation of resources.

Disadvantages of Command Economy:- The motivation for the private sector is nil, it can result in inefficiency, the innovations are depressed, lack of competition

Answer:- Free Market Economy:- America, Singapore, Australia

Command Economy:- North Korea, Cuba, Iran

Mizí Economy:-India, Brazil, South Africa

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