Traditional Economy: 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: Free enterprise , businesses and private individuals make all the economic decisions , 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, North Korea has close to this economy , The Soviet Union's economy was close to this economy , communist governments are close to this type of economy, 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, Has characteristics of both command and market economies,

Economic Systems

Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?