Economic Systems
Anthony Blocker
Command Economy
- Economic Freedom - very little freedom : Scale 1
- Economic Efficiency - could not afford to waste : Scale 5
- Countries with Command Economy - Russia and China
- Government owns all the resources
- The government makes all the economic decisions on what and how to produce
- Has state owned entities
Market Economy
Economic Growth - Teens work and strive to have their own : Scale 5
Economic Security - Most workers are covered for illness : Scale 4.5
Countries with Market Economy - Hong Kong, Singapore, and Australia
Based on private ownership and determination of supply and demand
Consumers and Businesses -decide what they want to produce and purchase
Resources are owned by individuals
Mixed Economy
Economic Freedom - Have lots of freedom but certain things are limited due to age: Scale 5
Full Employment - Multiple jobs available : Scale 5
Price Stability - Affordable : Scale 5
Countries with Mixed Economy - United States, Norway, and Sweden
Both Market forces and Government -decisions determine which goods and services are produced and how they are distributed