Types of Economies

The choices people make are determine by the environment.

• Traditional

• Command

• Market

• Mixed

Consumers have few, if any, choices in the market.

• Traditional

• Command

• Market

• Mixed

Factories are solely concerned with quotas (production numbers that are set).

• Traditional

• Command

• Market

• Mixed

No competition

• Traditional

• Command

• Market

• Mixed

Economic activities are centered on the family, tribe, or ethnic groups.

• Traditional

• Command

• Market

• Mixed

Resources are handed out based on inheritance (passing down).

• Traditional

• Command

• Market

• Mixed

The government or other central authority makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed

The government (or central authority) sets all pries of goods and services.

• Traditional

• Command

• Market

• Mixed

Economic decisions are made by individuals who compete to make profits based on supply and demand.

• Traditional

• Command

• Market

• Mixed

The government and individuals share the economic decision making process.

• Traditional

• Command

• Market

• Mixed