Types of Economies in Europe

1. In this economic system, the government decides what to produce, how to produce, and for whom to produce.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

This economic system relies on customs, habits, and beliefs from past generations.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

In this economic system there is no government and individuals and businesses make all the economic decisions.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

Most countries in the world today have this type of economic system

• Traditional economy

• Command economy

• Mixed economy

• Market economy

An economic system where a large majority of the people rely on hunting, fishing, and agriculture and make just enough to survive.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

An economic system that allows for individuals and businesses to make economic decisions as long as they follow government laws and regulations.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

An economic system where government planners make major decisions regarding the production and distribution of goods and services.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

In this economic system, the economic decisions are in the hands of the people, the law of supply and demand determine what goods and services are produced and at what price they are offered.

• Traditional economy

• Command economy

• Mixed economy

• Market economy

On the economic continuum, which mixed economy country is closer to Market with 79% free market?

• Russia

• United Kingdom

• Germany

On the economic continuum, which mixed economy country is closer to Command with only 59% free market?

• Russia

• United Kingdom

• Germany