Types of econmys

Kyle Unruh

Economy

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.






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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.




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

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