1. Types of Economies Fill in the blanks on your worksheet

2. Four Types of Economics Traditional Economies
Command Economies
Market Economies
Mixed Economies

3. Traditional Economies
Traditional economies are found in rural, non-developed countries

4. Traditional Economies
Some parts of Asia, Africa, South America and the Middle East have traditional economies

5. Traditional Economies
Customs govern the economic decisions that are made (traditions)

6. Traditional Economies
Advanced-technology is not used in traditional economies.

7. Traditional Economies
Farming, hunting and gathering are done the same way as the generations before

8. Traditional Economies
Economic activities are usually centered toward the family or ethnic unit

9. Traditional Economies
Men and Women are given different economic roles and tasks

10. Traditional Economies

11. Command Economies
The government or other central authority makes decisions and determines how resources will be used

12. Change can occur relatively easily
Command Economies
Change can occur relatively easily

13. There is little individual freedom
Command Economies
There is little individual freedom

14. There is no competition
Command Economies
There is no competition

15. Businesses are not run to make a profit
Command Economies
Businesses are not run to make a profit

16. Consumers have few choices in the market place
Command Economies
Consumers have few choices in the market place

17. Factories are concerned with quotas
Command Economies
Factories are concerned with quotas

18. Shortages are common because of poorly run factories and farms
Command Economies
Shortages are common because of poorly run factories and farms

19. The government dictates the job in which you work
Command Economies
The government dictates the job in which you work

20. The government sets the prices of goods and services
Command Economies
The government sets the prices of goods and services

21. Command Economies
Examples of command economies : Cuba, North Korea and the People’s Republic of China

22. Command Economies

23. Resources are owned and controlled by individuals
Market Economies
Resources are owned and controlled by individuals

24. Economic decisions are made by individuals competing to earn profits
Market Economies
Economic decisions are made by individuals competing to earn profits

25. Individual freedom is considered very important
Market Economies
Individual freedom is considered very important

26. Market Economies
Economic decisions are made by the basic principles of supply and demand

27. Profit is the motive for increasing work rather than quotas
Market Economies
Profit is the motive for increasing work rather than quotas

28. Market Economies

29. Government and individuals share the decision making process
Mixed Economies
Government and individuals share the decision making process

30. Mixed Economies
Government guides and regulates production of goods and services offered

31. Individuals own the means of production
Mixed Economies
Individuals own the means of production

32. Government Protects consumers and workers from unfair policies
Mixed Economies
Government Protects consumers and workers from unfair policies

33. Most effective economy for providing goods and services
Mixed Economies
Most effective economy for providing goods and services

34. Four Types of Economics
Review
Four Types of Economics
Traditional Economies
Command Economies
Market Economies
Mixed Economies

35. Traditional Economies

36. Command Economies

37. Market Economies

38. Mixed Economies