Compare Different Economic Systems

Q: Compare different economic systems. A: There are several similarities between the 4 economic systems. First off, I will explain what each economic system is and some countries that they are associated with. The first one is the traditional economic system. This is one is the original economy and everyone creates their own goods. They must rely on fishing, hunting, and agriculture in order to create a living. They barter with other families or individuals their goods. This type of economic system is found in countries such as the Middle East, Asia, Africa, and South America. The next economic system is a command economic system. This is an economy where the government has complete control over what you what will be produced, how you will produce it, and who will sell it and the price to sell the goods at. Basically in this economic system, the government has complete control over everything. This economic type is found in autocratic nations or oligarchic nations such as North Korea and Syria. The third economic system is
a market economy. A market economy is an economy that is based on supply and demand and entrepreneurs are free to open whatever kind of business they like. They sell whatever they would like at the price of their choice. This type of economy is closet associated with countries such as the United Kingdom, the United States, Canada, Denmark, Hong Kong, and Mauritius. The last economic type I will be explaining is a mixed economy. This economy is a mix of a command economy and a market economy. In this certain economic type, if you want to open a business you must get an approval from the government. There is only private ownership. A mixed economy is closely associated with countries such as Iceland, Sweden, Cuba, Russia, and China. That is the four economic systems and some countries associated with them. Now I will be discussing the similarities between a traditional, command, mixed, and market economy.
The first similarity is that they are all economic systems. The next similarity is that all the systems barter, or trade. Another similarity is that all the economies have currency exchange systems, or foreign exchange systems. The next similarity is that they all produce some type of good. Meaning, they all create or make goods such as food or jewelry and they sell it/barter it. One other similar thing is that they have a certain process to producing their goods. For example, the traditional economy produces their goods by making them while others might use capital goods such as machinery. The final similarity is that they all, besides a traditional economy, all goods produced are determined by something or someone. That is a few similarities between the four economic systems and what they are along with the countries associated with
them.