Types of Economies

Front

The choices people make are determined by the environment. Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

Consumers have few, if any, choices in the market.

Back

Command

Front

Factories are solely concerned with quotas (production numbers that are set).

Back

Command

Front

No competition

Back

Command

Front

Economic activities are centered on the family, tribe, or ethnic groups.

Back

Traditional

Front

Resources are handed out based on inheritance (passing down).

Back

Traditional

Front

The government or other central authority makes all the economic decisions.

Back

Command

Front

The government (or central authority) sets all prices of goods and services.

Back

Command

Front

Economic decisions are made by individuals who compete to make profits based on supply and demand.

Back

Market

Front

The government and individuals share the economic decision making process.

Back

Mixed