1. Spectrum of Mixed Economics
Communism
socialism
Capitalism
Directed by command
Directed by the free market
Ownership of Resources
Productive resources are privately owned and operated
All productive resources are government owned and operated
Basic productive resources are government owned and operated the rest privately owned and operated
Allocation of Resources
Government plans ways to allocate resources in key industries
Capital for production is obtained through the lure of profits in the market
Centralized planning directs all resources
Role of Government
Government directs the completion of its economic plans in key industries
Government may promote competition and proved public goods
Government makes all economic decisions