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
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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

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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

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