Types of econmys

Kyle Unruh


Traditional: A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates.

The Inuit people and the Amish have a Traditional Economy.


Command:A command economy is when government make decisions. It controls labor, soil and capital. China, Cuba, North Korea and Soviet Union all have Command Economies.


Market:Market Economy is driven by supply and demand. In many was the .U.S. uses a market economy.


Mixed: Mixed economy is directed by the state and the private sector. U.S.A has a mixed economy about 40% government spending.