Economic Systems

An economy in which most of the economic decisions are made based on customs and habits of the past.

• Command

• Mixed

• Traditional

• Market

Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.

• Command

• Traditional

• Market

• Mixed

An economy in which changes in prices guide how goods and services will be produced, distributed and consumed.

• Mixed

• Traditional

• Command

• Market

An economy that has both command and market principles in place to determine what is produced, distributed and consumed.

• Mixed

• Market

• Command

• Traditional

An economic system that permits an open exchange of goods and services between producers and consumers based on supply and demand.

• Traditional

• Market

• Command

• Parliamentary Democracy

An economic system in which the government decides what goods will be produced, how they will be produced and how they will be distributed.

• Mixed

• Market

• Traditional

• Command

An economic system in which people usually produce just what they need to survive.

• Traditional

• Command

• Market

• Mixed

An economic system where the government regulates some of the industries but allows for businesses to make own decisions about what to produce, how to produce and how to distribute goods.

• Traditional

• Command

• Pure Market

• Mixed

An economic system based on individual choices and voluntary trade.

• Command

• Traditional

• Federalism

• Market

The government owns the means of production.

• Traditional

• Mixed

• Command

• Market