Three Types of Economies

The government makes all the economic systems

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

If your parents were peanut farmers, then you would be a peanut farmer also.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Most democratic countries are this.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Cuba and North Korea are close to having this type of system.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Businesses (ran by private citizens) determine what goods and services are produced and how they will be made.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Bartering is used.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Communist countries are closely related to this.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Businesses make economic decisions, but the government regulates them to make sure they are safe/fair.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Australia is close to this.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

All economic decisions are based on customs and beliefs of the past.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy