Economies Types

The choices people make are determined by the environment.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Economic activities are centered on the family, tribe, or ethnic group.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Resources are handed out based on inheritance (passing down).

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Tradition and custom determine the economic decisions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Farming, hunting, and gathering are done in the same way as the generation before.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

There is little or no use of technology.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Consumers have few, if any, choices in the market place.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Factories are solely concerned with quotas (set production numbers).

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

No competition.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

The government or other central authority makes all economic decision.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy