1. Economic Systems
Four Types

2. The Four Types of Economic Systems
Traditional
Command
Market

3. 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.

4. Examples:
Aborigines
Amazon Tribes

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

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

7. 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

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

9. 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