ECONOMY

Untitled Slide

• An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. Economy of means suggests the challenge of using one mean for multiple ends, investigating what makes the category both a mark and a precondition of a rational architecture.

DIFFERENT TYPES OF ECONOMY

Command

Untitled Slide

• A command economy is one in which a centralized government controls the means of production and determines output levels. Command economies stand in contrast to free-market economies, those in which the law of supply and demand determines output and prices.

Traditional economy

Untitled Slide

• A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed. It is a self-sufficient economy where the community engages in different activities to produce goods or services that are required by the rest of the community.

Market, and Mixed

Untitled Slide

• In command economies, rulers hold the power over production and distribution. In market economies, private individuals and groups hold economic power, rather than the government. In mixed economies, aspects from traditional, command, and market economies are combined.

Untitled Slide