Types of Economies

What is a free-market economy?

• A system driven by private ownership of property & resources, competition, and profit motive. Consumer is king.

• A system run with central ownership (usually by government) of property and resources. The consumer gets what the government offers.

• Individuals and businesses are owners and decision makers for the private sector while the government is owner and decision maker for the public sector.

• A system based on custom and historical precedent.

What is a command economy?

• A system based on custom and historical precedent.

• A system driven by private ownership of property & resources, competition, and profit motive. Consumer is king.

• Individuals and businesses are owners and decision makers for the private sector while the government is owner and decision maker for the public sector.

• A system run with central ownership (usually by government) of property and resources. The consumer gets what the government offers.

What is a traditional economy?

• A system driven by private ownership of property & resources, competition, and profit motive. Consumer is king.

• A system based on custom and historical precedent.

• A system run with central ownership (usually by government) of property and resources. The consumer gets what the government offers.

• Individuals and businesses are owners and decision makers for the private sector while the government is owner and decision maker for the public sector.

What is a mixed economy?

• Individuals and businesses are owners and decision makers for the private sector while the government is owner and decision maker for the public sector.

• A system driven by private ownership of property & resources, competition, and profit motive. Consumer is king.

• A system based on custom and historical precedent.

• A system run with central ownership (usually by government) of property and resources. The consumer gets what the government offers.

What type of economy do we have in the U.S.?

• Command

• Traditional

• Free-Market

• Mixed

What does laissez-faire mean?

• Hands off

• French please

• Government first

• People first

Which type of economy has the most government involvement?

• Mixed

• Command

• Traditional

• Free-Market

Which type of economy has the least government involvement?

• Free-Market

• Command

• Traditional

• Mixed

In which type of economy do people usually perform the same job as their parents, grandparents and children?

• Traditional

• Free-Market

• Command

• Mixed

In which type of economy does the consumer have the most choice?

• Command

• Free-Market

• Traditional

• Mixed