Mixed, Market, & Command Economies
By: Chyana And Anthony
Mixed Economic System
Goals *****
- Economic Equity- Many people believe in equal pay for equal work.
- Economic Growth- Growth is needed so that people can have more goods and services.
- China , Mexico, Japan
- Private, Free Market
- State
- Private Sector
Market Economic System
Goals ****
- Economic Security- More than 90% of American workers participate in the Social Security system.
- Economic Efficiency- Economic decision making must be efficient so that benefits gained are greater than costs incurred.
- Hong Kong, Singapore, Australia
- Individuals
- Individuals who own factors of production and buy and sell good in a free market
Command Economic System
Goals **
- Full Employment- People want their economic system to provide as many jobs as possible.
- Price Stability- High rates of inflation can discourage business activity. When there is inflation, interest rates tend to increase.
- Cuba, North Korea,
- State
- Government controls factors of production and makes all decisions about their use.