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.
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.