Economic Systems Four Types.

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Presentation transcript:

Economic Systems Four Types

The Four Types of Economic Systems Traditional Command Market

Traditional Economy This system relies on custom and ritual to make its choices Family or community based an economy which is entirely dependent on its agricultural production.

Examples: Aborigines Amazon Tribes

Traditional Economy people still use primitive tools use old methods of harvesting

Command Economy Government Controlled!! The government determines what will be produced and sold! Example Countries Cuba China Any Communist Country or Dictator

Market Economy United States Japan United Kingdom Capitalist Economy Individuals own businesses Buying and selling between individuals Examples United States Japan United Kingdom Capitalist Economy

Mixed Economy Mixture of Command and Market No Pure Command or Market Economy Modern Economies have characteristics of both systems

Mixed Economy Countries The United States Japan Most all Modern Economies Most Democratic Countries Essential Question: Why would most countries want a mixed economy? Read Page 147

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