Economic Systems

The Big Three

Market Economies

Ex. Countries: Canada

Economic Goals: Economic Freedom- 4

Economic Efficiency- 7

Economic Equity- 8

Economic Security- 9

The people make all of the decisions.

Resources are allocated through the interaction of free and self-directed market forces.

Command Economies

Ex. Country: China

Economic Goals: Economic Security- 3

Full Employment- 10

Price Stability- 10

Economic Growth- 1

The government makes all decisions.

The government owns all resources.

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Mixed Economies

Ex. Country: France

Economic Goals: Economic Freedom- 4

Economic Security- 8

Full Employment- 7

Economic Growth- 9

The people make most decisions, but the government makes a few.

Mixed economies may have a distinct private sector, where resources are allocated primarily by market forces.