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Command

  • "A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale"
  • North Korea is known for its Command Economy

Mixed

Pros, Cons, and pictures

  • Pro
  • Social Welfare priority
  • Con
  • Less innovation
  • "A mixed economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism."
  • France is a country that is considered to be a mixed economy

Pros, Cons, and pictures

  • Pro
  • equal distribution of control
  • Con
  • higher taxes

Traditional

  • "A traditional economy is one in which the traditions, customs, and beliefs shape the goods and the services that the economy produces, as well as the manners and rules of their production"
  • The Saami tribe still uses a traditional form of economy

Market

Pros, Cons, and pictures

  • "A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system."
  • Australia uses a market economy
  • Pro
  • better for the planet
  • Con
  • Lower standard of living

Pros. Cons, and pictures

  • Pro
  • less shortage and surplus of goods
  • Con
  • it isn't beneficial to the workers

4 Types of Economies

By; Rachael Hamerin

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