Command Economy

• Command economy is the next step up from traditional economy. 
• Command economy has a feature that a large part of the economic system is controlled by centralized power, often government. 
• You can see this kind of economic system worldwide.
• The government makes all the decisions or relies to the government to make the decisions.
  

Mixed Economy

• Mixed economy are the partnership of the public owned business and the private owned business.
• It is also defined as a mixture of markets and private ownership.
• It is just the combination or combination of economic systems.
• The benefits of mixed economy is that more or less free of government ownership.
• Examples of countries that use Mixed Economy: The United States, Canada, Australia, Japan, etc.

Traditional Economy

• Traditional economy is based on traditions, customs, and beliefs.
• Places that use this economic system are often rural and farm based. Agriculture or agricultural to be more clear.
• A traditional economy is the best way to start because it is the most traditional  and ancient type of economy.
• The advantage of traditional economy is that tradition and customs are preserved and the disadvantage is it will quite take time to develop.

CONCLUSION

"What is the current Economic System of the Philippines?"

The Philippines currently has a mixed economic system. This can be proven by it's current state, wherein the qualities of all the other economic system are combined.[1]

"What do we believe SHOULD be the Economic System of the Philippines so that it may grow and develop faster and more efficiently?"

We believe that the Economic System should stay as it is: Mixed Economy. It allows the citizens enough freedom that they are able to make their own choices, though they are still very much under the control of the government through paying taxes and requirement to follow the laws set by the government. This type of system, to us, is just right since we aren't at liberty too much that rules and regulations no longer exist, yet the government isn't too tight nor strict that every action requires their approval to perform.

Now, if graft and corruption would be kept in control and prevented as much as possible, it's undeniable that we would be much farther in terms of development than we are now. Since we currently have a democratic system, the decision as to who'd handle the finances resides in the people, and as long as the population votes wisely and in accordance to what's best for the country:

Philippines would definitely prosper.

Sources:
www.study.com
blog.udemy.com
http://www.tutor2u.net/economics/gcse/revision_notes/basics_production_distribution_consumption.htm
https://www.marxists.org/archive/marx/works/1859/critique-pol-economy/appx1.htm
http://www.neda.gov.ph/
http://globaledge.msu.edu/countries/philippines

In order for you to learn more about Economics while having fun, we recommend that you visit these websites and play the following games:

Microeconomics
Miniconomy

By: John Catapang & Harnet Delmo