1. IntroductionA systematized approach in which a government or nation distributes its resources and distributes goods and services throughout the national community. The economic system can include the different ways in which labor is organized and rewarded or motivated. Furthermore, this would include the entire process of production and allocation of goods. In these systems, there are basic concepts that a person should think about and consider, which include political circumstances, tradition, and even the environment in which these goods or services are produced.2. Economic systemsa. Traditional EconomyA traditional economy is a system in which customs, traditions, heritage, and belief systems establish how the three economic questions are answered. In this system there is only a limited degree of specialization and decreasing trade. People tend to live in family groups, and these families produce most of their own food, build their own homes, collect their own fuel (coal, firewood, etc.), and contribute to their own leisure activities. Examples of Traditional Economies • Australian Aborigines • The Mbuti in Central Africa • The Inuit of Northern Canada Advantages • There is little or no hesitation/uncertainty. • Everyone knows what role they play in society. • Life is general, constant, predictable and constant.Disadvantages• Innovation is discouraged.• Falling standard of living.• Need for development.b. Market economyThe forces of supply and demand, without any government interference, determine how resources are allocated; production, consumption, price levels and competition are the result of collective actions of individuals or organizations seeking their own advantage. In the market system, the coordination method...... middle of paper ......f mixed economy is a system adapted to our current economic conditions. South Africa's economic growth improved enormously with the transition to a democracy and was reasonably stable throughout the democratic era, growing 3.2% per year on average from 1994 to 2012 This resulted in the transformation of the economy from a GDP of $136 billion in 1994 to $384 billion in 2012. This was a report by the South African Economic Society over a 20-year period. economy of the country since the beginning of democracy, from page 86 of 193 pages of documents, based on data provided by the World Bank Development Indicators published in February 2014. It is clear that South Africa as an economy has improved over the years thanks to the mixed economic system, judging by the facts produced by the GDP and the development that the countries have experienced..