Types of Economies (Mixed Economy (The government and the people both…
Types of Economies
The government and the people both decide what is produced.
Individuals and the government both have say in what is produced.
The United States is an example of a mixed economy.
Supply and demand is the biggest factor in what is produced.
North Korea is an example of a command economy
The government decides what will be produced
The government decides who gets what,
The government decides who will produce it.
Tribes in the Amazon have this economy
The people decide what will be produced based off tradition.
The people decide who gets what.
The people in the economy decide who produces it.
Free Market Economy
Supply and demand decides who gets what. Price also is a factor.
There is no true free market.
Private individuals decide what will be produced.
Private individuals decide who will produce it.