Economy Types

Marcel’s family have a farm, and on that farm they raise sheep and grow corn. This is something their family has done for hundreds of years – and sometimes, if they’re lucky, they can trade some of their corn for other supplies they need and save some money. Most people in his country practice some type of agriculture or farming. It’s just always been that way.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Addy grew up dreaming of opening a bakery, and through hard work and lots of practice she was finally able to realize her dream. But, although she was able to pick her career and the sort of store she opened, the government decides which resources she gets. Some weeks she can’t make certain things because she doesn’t have the supplies she needs. That worries her, because often the things she can’t make are the things that her consumers are demanding a greater supply of.

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Four years ago a man took over Tyrone’s country. With the help of the military he stole country of a country and made major changes to the economy. All decisions are made by the ruler of Tyrone’s country. What is being produced, who gets which resources, and all major decisions are decided by the new ruler of Tyrone’s country?

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

Maeve lives in a city that really values art, and because they value art many artists live there and create new things. There is a demand for artist’s in Maeve’s city – in fact, just last week Maeve was able to vote on a law that lowered the tax on buying artwork to just 1%.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Julia is an artist. She loves to create and sell decorative flower pots on etsy and at festivals. She is able to continue to do this because there are people online and at those festivals who buy her flower pots. If they didn’t she wouldn’t be able to afford to keep going.

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

Norman wanted to start his own coffee shop business. He had big plans for board games and magazines for his customers to read and play with while they waited for their lattes. But because of government rules and regulations Norman ended up working in his town’s popcorn factory. It was difficult for average people to start their own business in his country, even if there were consumers for his product.

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

The government makes all economic decisions.

• Command

• Traditional

• Market

• Mixed

A combination of more than one economic system.

• Traditional

• Mixed

• Market

• Command

Consumers who are willing to spend the money decide what is being produced.

• Market

• Command

• Traditional

• Mixed

Economic decisions are based on custom and heritage.

• Traditional

• Mixed

• Market

• Command