Which of the economic system would work in the Philippines?

mixed economic
The Philippines has a mixed economic system that includes a variety of private freedom, combined with centralized economic planning and government regulation. The Philippines is a member of the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN).

What are the four categories of economy?

There are four types of economies:

• Pure Market Economy.
• Pure Command Economy.
• Traditional Economy.
• Mixed Economy.

Which economic system is best and why?

Why is Capitalism the Greatest? Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.

Which economic system is the best for a country to follow?

Capitalism is the world’s greatest economic success story. It is the most effective way to provide for the needs of people and foster the democratic and moral values of a free society.

What is types of economy?

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions. The state’s central government makes all of the country’s economic decisions.

What makes the Philippine economy run?

With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances.

What are the 4 economic systems and their characteristics?

Traditional, command, market, and mixed. It’s the most traditional and ancient one in the world. These economies still produce products and services that are a direct result of their beliefs, customs, traditions, religions, etc.

What are the four economic systems and what are their key points?

Key Points There are four types of economic systems – traditional, socialst/command, capitalist/market, and a mixed economy. Most countries in the world operate under a mixed economy – relying both on aspects of a capitalist and socialist system.

What type of economy is the best?

market economy
A free and competitive market economy is the ideal type of market economy, because what is supplied is exactly what consumers demand.

How do the four economic systems differ from each other?

Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.

How do the four different economic systems answer the basic economic questions?

The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.

What are the major characteristics of the four types of economic systems?

There are four types of economic systems; traditional, command, market, and mixed economies. A traditional economic system focuses exclusively on goods and services that are directly related to its beliefs and traditions. A command economic system is characterized by a dominant centralized power.

What type of economic system would you prefer in the Philippines?

I believe the Philippines would be characteruzed as a free market. Out of the four, I believe a proper Mixed economic system would be the best (proper meaning no corruption or anything detrimental). This is because the government would care for the economy and help the private businesses excel and develop the country.

Should the Philippines stick with having a mixed economic system?

They should stick with having a mixed system. Philippines has a mixed kind of economic system since corporates today are still free and capitalists do exist in the country, they are still heavily taxed by a 12\% VAT. I think out of the 4 kinds of the economic system, i think mixed is the best kindfor the Phillipines.

Is socialism the best economic system for the Philippines?

It has a semi-feudal type of economy. For the Philippines to prosper, a change in the system is needed; a revolution. A socialist economy is the best for the Philippines to weed out corruption and to give the people goods according to their needs and capabilities.

Which type of economic system is the most ideal?

Justify your answer. a mixed economy is the most ideal as it would as it would prevent companies from having too much control over the economy AND allow better gov’t regulations on important commodities.