Types of Economies

Front

What is Traditional Economy?

Back

Government play no role in the economy

Front

What is a Command (Communist) Economy?

Back

Government makes most economic decisions

Front

What is Free Enterprise (Capitalist) Economy?

Back

Individuals and businesses are allowed to compete for profit with a minimum of government interference

Front

What is a Mixed Economy?

Back

A blend of command and market economies

Front

The way you communicate a need

Back

Want

Front

Something basic that you must have to survive

Back

Need

Front

All personal needs, such as health care and education, are provided by the government.

Back

Socialist Economy

Front

Entrepreneurs bear their own risks but reap ALL their own PROFITS!

Back

Free Enterprise (Capitalist) Economy

Front

Almost every person is a farmer. The government provides few services for health and education.

Back

Traditional Economy

Front

People can own property and choose their occupations. The production is OWNED by the GOVERNMENT. Wages are set by the Government.

Back

Communist Economy