Economies

this is how money is made and used in a country

• a market

• an economy

• a tradition

• a job

this is wealth

• capitalization

• capital

• Capricorn

• Capezio

this type of capital is an investment in the people; the education and skill training of the people

• resource capital

• human capital

• robot capital

• city capital

this capital is in the contents of the land and the wealth that can be extracted from the area

• resource capital

• human capital

• robot capital

• city capital

What are the four types of economies?

• human, resource, robot, city

• north, south, east, west

• traditional, command, market, mixed

• traditional, nontraditional, man-made, and machine-made

this economy is orchestrated by the group; the group tribe or family makes all economic decisions and all resources belong to all in the group

• traditional

• command

• market

• mixed

this economy has the government as its central authority. The government makes all economic decisions; resources are owned by the government, and the government sets the prices of goods and services.

• traditional

• command

• market

• mixed

this economy is run by individuals. The decisions for the economy are made by individuals competing to earn profits based on the supply and demand of resources. The resources in this economy are owned by the individuals. (*this is also known as a "Capitalist" economy)

• traditional

• command

• market

• mixed

this economy is a combination of a command and a market economy. The government AND individuals share the economic decision-making process. Government works to guide and regulate the production of goods and services. However, the resources are owned by individuals. The government sets the prices of goods and practices. The government serves to protect BOTH producers and consumers from unfair policies and business practices.

• traditional

• command

• market

• mixed

this is a result of not enough supply to meet the demand

• consumerism

• mixed economy

• scarcity

• scarecrow