1. Do Now
Why are monopolies bad for consumers?

2. EX: Aborigines, Amazon Tribes, Amish
Traditional Economy
Family/community based
Citizens are self-sufficient
food, clothing, shelter are made by citizens
Limited access to technology
Very rare today
a few exist in rural, non-industrial areas in various parts of the world
EX: Aborigines, Amazon Tribes, Amish

3. Command Economy/ Controlled Economy
Government based
leaders control all economic resources
all decisions made by govt.
People have little say about anything
Government may even decide what people are allowed to have, how they are paid, etc.
EX: Cuba, China, dictatorships
Cuba, Libya, Saudi Arabia, Iran, North Korea, and Burma.[13]
Supporters of planned economies cast them as a practical measure to ensure the production of necessary goods—one which does not rely on the vagaries of free

4. Market Economy/ Capitalist System
Consumer based
products/services to make are based on consumer demands/wants/needs
Economy relies on choices of consumers
Individuals and private companies own and control economic resources (businesses, factories, farms)
EX: USA, Japan

5. Mixed Economy Government & consumer based
combination of command and market economic systems
Free market is combined with some degree of government control
Most of the world’s economies are this!
There can be big differences among mixed economies
(ex. People’s Republic of China – heavier on the command economy U.S. – heavier on the market economy)

6. ACTIVITY
YOU RATE IT!