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Types of Economis (Command Economy (the government makes all economic…
Types of Economis
Command Economy
- the government makes all economic decisions
- government decides what is produced, who produces it, and how much it costs
- the government owns all resources
EX: The Soviet Union, Communism
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Mixed Economy
- government makes decisions for the public sector
- individuals and businesses make decisions for the private sector
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EX: most governments, the United States
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Traditional Economy
- people usually do the same type of work as their parents or granparents
- decisions are based off of tradition; what has always been done
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Free Market Economy
- Supply and demand decide what and for who will be produced
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- Everything is through private individuals instead of government
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