Question

All countries have what type of economy

Answer 1

Every country has a unique economic system, with most economies being mixed and combining elements of command and market systems. Each nation operates under a "mixed economic system" that emulates certain characteristics of each type of economy to varying degrees. The U.S. economy is positioned toward the market-oriented end of the spectrum, while countries in Europe and Latin America have a greater degree of government involvement in economic decisions.

Step-by-step explanation:

Every country on this planet has a unique economic system that attempts to create a stable environment for its citizens. There are approximately 196 countries in the world, and so technically there are at least 196 different economic systems in operation. That's not counting the underground economies and local economies that are operated out of plain sight. However, to keep things simple, economists have established two economic systems: Market systems and Command systems. Each of these in its pure form is an extreme on the economic spectrum, but in reality, fails to exist entirely in isolation of the other. More accurately, all nations operate under a "mixed economic system" that emulates certain characteristics of each type of economy to varying degrees.

Most economies in the real world are mixed. They combine elements of command and market (and even traditional) systems. The U.S. economy is positioned toward the market-oriented end of the spectrum. Many countries in Europe and Latin America, while primarily market-oriented, have a greater degree of government involvement in economic decisions than the U.S. economy does. China and Russia, while they are closer to having a market-oriented system now than several decades ago, remain closer to the command economy end of the spectrum. A rich resource of information about countries and their economies can be found on the Heritage Foundation's website.

Answer 2

Traditional economies still produce products and services that are a direct result of their beliefs, customs, traditions, religions, etc. Vast portions of the world still function under a traditional economic system. These areas tend to be rural, second- or third-world, and closely tied to the land, usually through farming.

However, there is an increasingly small population of nomadic peoples, and while their economies are certainly traditional, they often interact with other economies in order to sell, trade, barter, etc.

Learn about the complexities of globalization and how it shapes economic relationships and affects cultures with this great class on the geography of globalization.