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Types of Economies (Command Economy (it is controlled by the government so…
Types of Economies
Command Economy
it is controlled by the government so they decide what will be produced
the government also decides who produces it
the government also chooses who it is produced for
an example of this would be the soviet union
Free Market Economy
everything is owned by private people so they make decisions
those private people decide who produces what
it is not owned by the government so they decide who it is produced for
the United States is an example of a free market
Mixed Economy
the decisions are shared about what will be produced
the buisnesses and people decide who will produce it
what is produced is based on the peoples wants
an example of this would be France
Traditional Economy
What has been traditionally done is what will make decisions
the individuals produce it based on what their ancestors have done
it will be produced for the individuals
an example would be some african tribes
