Types of Economic Systems

An economic system based on customs, traditions, and beliefs.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An economic system where the government makes all economic decisions.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An economic system where decisions are made by individuals and businesses based on supply and demand.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An economic system that combines elements of both command and market economies.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A person who organizes, manages, and takes on the risks of a business.

• Tarriff

• Entrepreneur

• Trade Barriers

• Quota

Restrictions on the import or export of goods, such as tariffs, quotas, and embargoes.

• Tarriff

• Entrepreneur

• Trade Barriers

• Quota

A tax imposed on imported goods.

• Tarriff

• Embargo

• Trade Barriers

• Quota

A limit on the amount of a product that can be imported or exported.

• Tarriff

• Embargo

• Trade Barriers

• Quota

A government order that restricts or prohibits trade with a particular country.

• Tarriff

• Embargo

• Trade Barriers

• Quota

The relationship between the availability of a product and the desire for that product.

• Economic System

• Goods

• Services

• Supply & Demand