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Types of Economies (Traditional Economy (Tradition decides who gets the…
Types of Economies
Traditional Economy
Tradition decides who gets the product
Examples of these economies are tribes in the Amazon Rainforest and earlier tribes in our history
Tradition decides who will produce the good
Traditions decides what they produce
Mixed Economy
A group of people (the private sector) with the government decide who will get the product
The US and UK are Mixed Economies
A group of people (the private sector) with the government decide who produces the good
A group of people (the private sector) with the government decide what they produce
Command Economy
The Central Government decides who gets the good
The Soviet Union used this as well as North Korea
The Central Government decides who produces the good
The Central Government decides what will be produced
Free Market Economy
Private individuals decide who will get the item
There is no example for a free market
Private individuals decide who will produce the good
Private Individuals decide what they produce based off of supply and demand
