Australian Economic System

Decent Essays
There are five very important economic systems that are used worldwide. The top five are Traditional, Command, Market, Mixed, and Capitalism economic system. Each economic system has different priorities and goals. Traditional economies are the direct results to their own beliefs, customs, traditions, religions, etc. These areas of economies are sometimes rural, some are second- third- world and most are tied to the land, mainly farming though. Today you can find traditional systems among Australian aborigines and some isolated tribes in the Amazon. In the past you could find them anywhere. Traditional is literally the most traditional and ancient type in the world and it is not used very much today. Even though it was recently used in Argentina.…show more content…
This is a common system that we use today. The main advantage or the most important one is that the government is not involved. There are a few other advantaged consumers adjust to change quickly and are satisfied. This system is found in Mexico. The disadvantage is that the system does not provide for everyone. In the Mixed Economy System the government is involved. In the system the government offers certain services. For example, transportation and health care. Two disadvantages are limited service over time, very high taxes, and the benefits for services cost more and that could mean a larger cost for citizens all together. An advantage is the government meets basic needs and individual factors production. The history places are Iceland, Sweden, France, the United Kingdom, the United States. The socialism economic system is where producing goods and natural resources are collectively owned. The advantages are that it includes absence of monopolies, social welfare systems, and more efficiency. This system has high taxes and hires everyone. The history usages is Western Europe, France and Germany. This system is also used
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