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Types of Economies (Traditional (produced now in/for people of small…
Types of Economies
Traditional
produced now in/for people of small villages
Amazon Rainforest, native Inuit of Alaska, some African Tribes
Family members dictate who will produce these things
customs and historical precedents decide what is produced
Command
Central Government decides who gets what is produced
North Korea
Central Government decides who will produce these things
Central Government decide what is produced
Free Market
Supply and demand dictates who gets what is produced
Individuals influenced by competition decides who will produce these things
United States economy
private individuals decide what is produced
Mixed
Individuals and businesses decide who gets what is produced (lightly regulated by government)
United States
Individuals and businesses decide who will produce these things (lightly regulated by government)
Individuals and businesses decide what is produced (lightly regulated by government)
