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The three economic questions every society seeks to answer are what will be produced, how will it be produced, and for whom will it be produced? These questions are important due to more wants but limited resources (scarcity). We will find out how the three main economic systems play a part in answering these questions to the right side -->

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A command system is a system where a central government makes all economic decisions like production, investment, prices and incomes. They are essentially the boss of the command system in the countries that have this system.

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A traditional system is a system that is based on customs, religious beliefs, and history. It doesn't operate under profit motives. It is the oldest economic system.

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A market system is a system that is based on the concept of free markets. There is very little government interference. It mainly focuses on the relationship between the people and supply and demand.

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How Does the Command System Answer the Three Economic Questions?

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How Does the Command System Answer the Three Economic Questions?

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The command system answers the three economic questions by making allocation decisions centrally by the government. The government decides what to produce, how to produce and who gets what.

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Key Characteristics of the Command System

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Key Characteristics of the Command System

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Some key characteristics of the system are the government controls wages, prices, and quantities of goods. They make all decisions for finances in the country.

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Advantages:

Less Inequality – Since the government controls the means of production, they determine who works where and for how much pay.

Low Unemployment Levels – The government can set wages and job openings to create the unemployment rate (the percent of the labor force that is jobless) and wage distribution that they see fit.

Common Good versus Profit Priority – The government can tailor products and services to benefit the common good without regard to profits and losses.

Disadvantages:

Lack of Competition Inhibits Innovation – Lack of competition in command economies prevent innovation (new methods or ideas to help grow or change something) and keeps prices from resting at an optimal level for consumers.

Inefficiency –  Producers are driven out of the market by competitors capable of operating more efficiently. Production in command economies is  inefficient as the government feels no pressure from competitors to cut costs or streamline operations.

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Where is the Command System Found in the World?

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Where is the Command System Found in the World?

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The command system can be found in many countries like Cuba, North Korea, Iran, and many more.

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How Does the Traditional System Answer the Three Economic Questions?

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How Does the Traditional System Answer the Three Economic Questions?

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The traditional system answers the three economic questions by making allocation decisions centrally by the individuals or tribes. The people in the tribe will decide what to produce, how to produce, and who gets what. They simply follow their ancestors’ footsteps. Their main goal is to survive and thrive.

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Key Characteristics of the Traditional System

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Key Characteristics of the Traditional System

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Some key characteristics of the system are traditional system depends on geography (locations), cultures, and experiences. They often don’t use money, instead, they trade one or two items in exchange for something else. Every product/resource are fully used with nothing wasted.

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Advantages:

It is organized and it keeps things simple – people will work within their role to ensure that all resources can be put toward meeting the needs that are required for survival since the focus is on meeting needs.

There is less environmental damage:

Pollution

Less garbage

Efficient use of resources

Disadvantages

It can be devastated by natural events. It would be hard to grow crops if the weather is bad. Droughts can easily occur.

If the hunting/harvesting is poor, people could starve. It would be extremely difficult to provide resources and feed people if there isn’t enough resources because hunting/fishing is unsuccessful.

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Where is the Traditional System Found in the World?

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Where is the Traditional System Found in the World?

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The traditional system can be found in Haiti, Bhutan, the North Sentinel Island, and many more.

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How Does the Market System Answer the Three Economic Questions?

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How Does the Market System Answer the Three Economic Questions?

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The market system answers the three economic questions by making allocation decisions centrally by businesses, firms, and producers. Businesses/producers decides how to produce items. Whatever the market demands the producers will produce the items. The consumers who demand the items are willing to pay for it.

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Key Characteristics of the Market System

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Key Characteristics of the Market System

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Some key characteristics of the system are characterized by private ownership, self-interest, consumer sovereignty, limited government involvement, etc. Also, competition is big characteristic of the system.

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Difference Between the Pure/Free Market System and Mixed Market System

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Difference Between the Pure/Free Market System and Mixed Market System

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The difference between pure and mixed market system is that a pure market is based on supply and demand with no government control while the mixed market has parts that is free market and other parts that are managed by the government. Mixed market shares control of owning, making and selling. So, one has no government control and the other one has some government control.

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Advantages:

A market system increases the efficiency of businesses. It leads to more competition and innovations.

In a market economy, this need leads to increased motivation because workers want to earn more money to supply their needs and to live comfortably. This means more productivity.

Disadvantages:

There is a large gap between the rich and poor

Those with the most money also begin to exercise a disproportional political influence, which they use to help themselves make more money.

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Where is the Market System Found in the World?

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Where is the Market System Found in the World?

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The market system can be found in the United States, India, United Kingdom, Indonesia, and many more.

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They are exposed to changes in nature. They are vulnerable to the market and command system. They offer many options/choices like the market system. It is the oldest economic system, which means there are changes that will affect the system such as migration.

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They only produce and take what they need; there’s no waste. They aren’t destructive to the environment. They don’t have the capability to produce much beyond their needs, which makes them more sustainable.

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Score: 5
I gave it a 5 because there are many pros and cons (advantages and disadvantages) of this system. I went in between because I feel like the system is self-contained. They have almost everything under controlled. Individuals live their life very simple. There are less environmental damages, which is important. However, the downfall of the system would be the creation of specific health risks and there are limited medical access. There are few options/choices, unlike in the market system there are many options/choices. So, I’ll meet in the middle and go with 5; I don’t think it’s the worst nor the best. It’s a workable system.