Economies

Jose Lopez ,Frederick Wimberly

Ratings of some economic goals

Economic Freedom : Mixed - 5 , Command - 1, Market- 3

Economic Efficiency : Mixed - 4 , Command -5, Market- 3

Economic Equity : Mixed - 5, Command -3, Market - 3

Economic Security: Mixed - 4, Command - 5, Market - 3

Full Employment : Mixed - 2, Command - 4, Market - 3

Price Stability : Mixed -4, Command - 2, Market -3

Economic Growth : Mixed - 5 , Command - 3, Market- 3

Example Country

Mixed - Iceland, Sweden, France, United Kingdom, United States, Russia, and China

Command - China, Cuba, North Korea, Soviet Union

Market - Singapore,Australia, United States

Who owns resources

Mixed- Government

Command- Government

Market- People and Individuals

Who makes economic decisions

Market economy -Individuals and businesses own productive resources and make the decisions about what to produce, how to produce and to whom goods and services will be allocated.


Command economy-An authority such as the national government, a government agency or central planners decide what to produce, how to produce and to whom goods and services will be allocated.

Mixed economy-Decisions about what to produce, how to produce and to whom goods and services will be allocated generally repeat decisions made in earlier times or by previous generations.