Write 3 pages with APA style on Economics System. They ensure that the limited resources are prioritised and allocated accordingly. In a traditional economic system, society takes precedence over indi

Write 3 pages with APA style on Economics System. They ensure that the limited resources are prioritised and allocated accordingly. In a traditional economic system, society takes precedence over individual interests. Resources are shared equally and individuals work together. Australia is a region that uses this type of system, among the aboriginal communities. In the mixed economic system, most decisions are made by individuals in the market. The United States is an example of a nation that uses this system. In market economies, decisions on the economic standing of a region are made by individuals. The interaction of people and organizations determines how resources are allocated, for example, Brazil. In the command economic system, the government is in charge of the economic status of the region. The distribution and allocation of resources is determined by the state (Myers 2012, p. 83). Socialism is the perfect type of such a system, an example being Cuba. Free market economy A free market system is an economic system in which the state’s government does not interfere with businesses. The exchange of goods and services between individuals is voluntary.