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