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Types of Economies (Traditional (People and farmers make things for…
Types of Economies
Traditional
People and farmers make things for themselves and family that they know is needed for survival
EX: African Tribes
Farmers will produce most the food and the people decide what else they need to survive
People and Farmers decide what is produced
Free Market
The population is free to buy what they want
EX: Some of America is a free market but they aren't really definite free markets
Individuals decide what is produced
The supply and demand affects what is produced grealty
Command
The government decides who gets it (usually)
EX: South Korea
The government decides who produces it
The government decides what is produced
Mixed
Individuals and government decide who gets things depending on what they are
EX: America
Individuals decide who produces it
The government and the people decide what is produced
