Economic Systems & European Economies

Front

An economic system in which the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.

Back

Traditional Economy

Front

An economic system in which government planning groups decide what and how goods will be produced, distributed, and consumed.

Back

Command Economy

Front

An economic system in which producers and consumers decide what and how goods will be produced, distributed, and consumed.

Back

Market Economy

Front

A combination of two or more types of economic systems. There is a combination of some government control and some individual freedoms.

Back

Mixed Economy

Front

1 of the 3 economic questions that determines the types of goods/services will be made.

Back

What to Produce?

Front

1 of the 3 economic questions that determines the way goods/services a will be made.

Back

How to Produce?

Front

1 of the 3 economic questions that who will consume the goods/services.

Back

For Whom to Produce?

Front

How are economic decisions made in a traditional system?

Back

customs and habits of the past

Front

How are economic decisions made in a command system?

Back

government

Front

How are economic decisions made in a market system?

Back

consumers and producers