Traditional Economy: bartering is used (trading without using money), hunting, fishing, gathering, , only in small villages , If my parents were peanut farmers, I am going to be a peanut farmer too, people follow tradition and do what their ancestors did, Market Economy: Based on the principal of supply and demand , Free enterprise , businesses and private individuals make all the economic decisions , the private sector is in charge of the economy, the prices of goods are determined by supply and demand , There is no government regulation at all , Command Economy: The government makes all the economic decisions, The old Soviet Union and North Korea has close to this economy , Central authority makes all the decisions , businesses have no say in the economy, communist governments are close to this type of economy, No private sector, Often found in nations with authoritarian governments, Mixed Economy: Both the public and the private sector make decisions , Both businesses and the government make economic decisions, democratic countries have this type of economy, Most countries have this type of economy, though the extent of government control can vary., Has characteristics of both command, traditional, and market economies,

Economic Systems

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