4 Economies Angie Avila

Market Economy

A market economy is Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the market place. Free enterprise helps make these decisions. The government has no control over the economy; private citizens answer all economic questions.

Businesses (owned by private citizens) based decisions on supply & demand and free enterprise

Traditional economy

A Traditional economy is when all economic decisions are based on customs, traditions, & beliefs of the past.

People will make what they always made & do the same things their parents did.

The exchange of goods is done through bartering.

People produce goods the same way that their ancestors did.

People follow tradition & make what their ancestors made.

Command Economy

A command economy is when the government is in charge of everything. All economic decisions are made by the government. The government owns most of the property, sets the prices of goods, determines the wages of workers, plans what will be made…everything.

This system is very harsh to live under; because of this, there are no PURE command countries in the world today. All of these countries have the same type of government which is Communist. The government is in control of everything.

Mixed Economy

A mixed economy is an economic system combining private and public enterprise.

It is involved with both private and public.

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Anjalissa Avila
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