Economic Systems & European Economies

An economic system in which the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.

• Command Economy

• Traditional Economy

• Mixed Economy

• Market Economy

An economic system in which government planning groups decide what and how goods will be produced, distributed, and consumed.

• Command Economy

• Traditional Economy

• Mixed Economy

• Market Economy

An economic system in which producers and consumers decide what and how goods will be produced, distributed, and consumed.

• Command Economy

• Traditional Economy

• Mixed Economy

• Market Economy

A combination of two or more types of economic systems. There is a combination of some government control and some individual freedoms.

• Command Economy

• Traditional Economy

• Mixed Economy

• Market Economy

1 of the 3 economic questions that determines the types of goods/services will be made.

• For Whom to Produce?

• What to Produce?

• How to Produce?

• Where to Produce?

1 of the 3 economic questions that determines the way goods/services a will be made.

• For Whom to Produce?

• What to Produce?

• How to Produce?

• Where to Produce?

1 of the 3 economic questions that who will consume the goods/services.

• For Whom to Produce?

• What to Produce?

• How to Produce?

• Where to Produce?

How are economic decisions made in a traditional system?

• government

• consumers and producers

• customs and habits of the past

• some decisions are made by the government and some are made by consumers and producers

How are economic decisions made in a command system?

• government

• consumers and producers

• customs and habits of the past

• some decisions are made by the government and some are made by consumers and producers

How are economic decisions made in a market system?

• government

• consumers and producers

• customs and habits of the past

• some decisions are made by the government and some are made by consumers and producers