Types of Economies

Synonyms for this type of economy include capitalism and free enterprise

• Command

• Mixed

• Market

North Korea and Cuba have this type of economy

• Traditional

• Mixed

• Command

The definition of resources is:

• an economic philosophy that calls for property to be owned by society as a whole

• to not have enough of something, or too little of something

• anything that can be used to produce an economic good or service

Subsistence living where people harvest their own food as farmers, fishermen, and hunters happens in this type of economy.

• Market

• Traditional

• Command

What of economy has the most freedom for people to make their own decisions.

• Market

• Mixed

• Traditional

A political philosophy and economic system where all the property and wealth is collectively owned by the whole society (government).

• Scarcity

• Communism

• Socialism

FILL IN THE BLANK: In a mixed economy people make most decisions but the ______________ has some control.

• Government

• Car Wash

• Farmer

The USA, Canada, and Mexico have this type of economy.

• Mixed

• Market

• Command

• Traditional

A villager in Minecraft trades a potato to his neighbor for a carrot. What type of economy is this?

• Mixed

• Market

• Traditional

The mayor of Villagetown tells every villager what they can grow and how much they can have to eat.  The mayor makes all economic decisions and everything is owned by the government.

• Traditional

• Market

• Command

• Mixed