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There are four main economic systems in the governments of the world. Each of these systems has its strengths and weaknesses. A Centrally Planned economy is completely controlled by the government. A Traditional economy relies on tradition. A market economy is controlled by the people, they are the regulating factors in a market economy. A mixed economy has some government intervention but also allows the people to regulate the market. Some economies work very well in certain areas, some better than others. Centrally planned economies are controlled completely by the government. The three economic questions are all answered by the government. The government chooses what is to be produced, how it is produced and who it is that will consume. The Soviet Union is an example of a centrally planned economy.
Approximate Word count = 494
Approximate Pages = 2
(250 words per page double spaced)
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