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Types of Economies - Ella Pearce (Traditional Economies (Who decides for…
Types of Economies - Ella Pearce
Traditional Economies
Who decides for whom it will be produced? - Custom & Families
An example - Japanese village wasabi farms
Who decides who will produce it? - Custom & Families
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Who Decides what will be produced? - Custom & Families
Command Economies
Who decides for whom it will be produced? - Government
An example - North Korea
Who decides who will produce it? - Government
Who Decides what will be produced? - Government
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Mixed Economies
Who decides for whom it will be produced? Government & Businesses
An example - United States
Who decides who will produce it? - Government & Businesses
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Who Decides what will be produced? - Government (Public) & Businesses (Private)
Free Market Economies
Who decides for whom it will be produced? - Supply & Demad
An example - Microsoft
Who decides who will produce it? - Company Founder
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Who Decides what will be produced? - Company Founder
