Economic Systems

In this type of economic system, the government makes ALL economic decisions.

• Market

• Command

• Traditional

• Mixed

If your parents were potato farmers, then you would be a potato farmer too in this type of economic system.

• market

• command

• traditional

• mixed

Cuba and North Korea have this type of economic system.

• market

• command

• traditional

• mixed

People, not the government, get to choose what goods and services will be made.

• market

• command

• traditional

• mixed

Money is not needed in this type of economic system. Instead, people trade for goods/services.

• market

• command

• traditional

• mixed

The government chooses people's jobs for them based on their skills in this type of economy.

• market

• command

• traditional

• mixed

People have freedom to make economic choices, but the government makes some laws to protect people from unfair or unsafe business practices.

• market

• command

• traditional

• mixed

Australia is the closest you can get to this economic system.

• market

• command

• traditional

• mixed

In this type of economic system, people only make what is needed to survive.

• market

• command

• traditional

• mixed

An advantage of this economic system, is that all workers are working towards the same goal.

• market

• command

• traditional

• mixed