Traditional Economy - Economic decisions based on customs (way it has always been), Poor, Developing Countries - Areas with traditional economy:, Free Market Economy - NO government; private ownership of all resources, Consumer sovereignty - Buyers determine what is produced, Profit - What is left after all expenses have been paid, Command Economy - Centrally (government) planned economy, Competition - When businesses try to win your business, China, North Korea, Cuba - Examples of countries with command economy:, Public good/service - A good/service that is provided by the government, Private good/service - A good/service that is produced by an individual or company, Mixed Economy - Government controls public sector and individuals/businesses control private sector, United States, Western Europe, Canada, Australia - Examples of countries/regions with mixed economy, Price - Supply and demand together in a mixed economy determine this:, Developing - A term that means a poor region usually lacking technology, Industrialized - A term refering to an advanced country, Centrally-planned - A term that explains when the government controls everything,

Economic Systems

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