Economic Systems

Companies decide what and how much is produced.

• Traditional economy

• Market economy

• Command economy

• Communist economy

The government decides what factories make and how much.

• Market economy

• Mixed economy

• Traditional economy

• Command economy

Also known as capitalism

• Traditional economy

• Market economy

• Command economy

• Simple economy

People's roles are clearly defined. You will do what your ancestors did before you.

• Traditional economy

• Command economy

• Communist economy

• Mixed economy

Buyers' demand for products drives business decisions.

• Command economy

• Traditional economy

• Market economy

• Communism

A goal of this system is to provide to people what they need.

• Command economy

• Traditional economy

• Mixed economy

• Market economy

Can also known as communism.

• Traditional economy

• Mixed economy

• Market economy

• Command economy

Both private businesses and the government provide goods and services.

• Communism

• Market economy

• Traditional economy

• Mixed economy

This economic system promotes competition among businesses. Consumers have many choices.

• Traditional economy

• Command economy

• Market economy

• State economy

This economic systems is often at the mercy of environmental factors.

• Mixed economy

• Command economy

• Traditional economy

• Market economy