Types of Economies

Tamia Perkins, Derrick Odom

Mixed Economy

- an economic combining private and public enterprise.

- Economic Efficiency: Rating - 5, because in a mixed economy, you have the right amount of goods needed for the economy to prosper.

- Economic Freedom: Rating - 4.5, because in a mixed economy, government basically gives you all the freedom you want/need, however, the government does have certain rules and regulations that manufacturers have to abide by.

Ex. United States

Command Economy

- government controls what the people make and controls what the people are able to manufacture and consume.

-Economic Freedom: Rating - 1, because in a command economy, the people really don't have any say so. Its either you take what the government allows you to have, or you do without the specific good..

Economic Equity: Rating - 3, because in a command economy, there's no discrimination or anything, however, in most command economies, their leaders are dictators, which means everyone works and everyone basically has the same low budget job.

Ex. Haiti

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Market Economy

- are based on private ownership. Private individuals and companies control resources.

- Economic Freedom: Rating - 5, because in a market economy, business and individuals produce, sell, and consume whatever they need/desire. Governments in a Market Economy don't put any regulations on products.

- Economic Equity: Rating - 5, because in a Market Economy, the government doesn't discriminate against anyone, everyone has equal opportunities to prosper.

Ex. Canada

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