1. Command Economy 1. What is produced? Crops livestock Handmade goods
Definition:
An economic system in which:
resources are distributed by inheritance (property is passed down to future generations)
there is a strong community network
primitive (simple, ancient) methods and tools are used
Type of Government(s):
Chiefdom (ex. Native Americans)
1. What is produced?
Crops
livestock
Handmade goods
2. How is it produced?
Subsistence farming, gathering
Herding, hunting
Sewing, weaving, woodworking, ceramics
3. For whom it is produced?
For the family
For others within the community (sold in a market place)
Tourists
Examples of nations (countries):
Villages in parts of South America, Asia, and Africa.
Definition:
An economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed.
Type of Government(s):
Communist
Fascism
Socialist
Authoritarian – ex. Dictatorship
1. What is produced?
Whatever the government decides is needed
2. How is it produced?
 Government decides cheapest method
 3. For whom it is produced?
Government decides who is in need
Examples of nations (countries):
China,Cuba,
North Korea, Sweden, Myanmar
Command Economy
TRADITIONAL
ECONOMY

2. Market Economy Definition:
An economic system in which businesses make choices of what to produce based on wants/needs of consumers.
Type of Government(s):
None
What is produced?
Business owners decide what is most profitable
How is it produced?
Most cost-effective (efficient) method
For whom it is produced?
For consumers who can afford the price
Examples of nations (countries):
No country has a 100% market economy.
Definition:
An economic system in which businesses make the majority of economic decisions while being regulated by the government. (combination of traditional, market and command systems)
   
Type of Government(s):
Constitutional Monarchy
Constitutional Democracy
What is produced?
Business owners decide what is most profitable
The government makes sure products are safe
How is it produced?
Most cost effective method
For whom it is produced?
People who can afford the price
Government also helps those who cannot afford basic necessities
Examples of nations (countries):
United Kingdom, France,
U.S., Canada, Mexico,
Australia
(almost every country in the world has a mixed economy)
Market Economy
MIXED
ECONOMY

3. AC Assignment
Rank the economic systems. Place a one by the one you think is the best, a 2 by the next best, and so on.
Now that you have ranked the economic systems, write at least one paragraph for each defending why or why not you think that is a good system. Be sure to state the pros and cons of each.

4. Assignment
Which type of economy do you think is the best? Traditional, command, market, or mixed?
In a one page persuasive essay, explain which economic system you think is the best. Use your notes to defend your answer.
Do not skip lines between paragraphs.
If you choose to type it, it must be no bigger than a 14 font and at least 20 lines.