Types of Economies

"Which one is your country in"

The Types

There are three types of economies that a country can be in. The three are mixed, market, and command.

Mixed Economy

Mixed economies have a high level of economic freedom. The citizens are free to make decisions on their own with little government involvement. Mixed economies also have a high economic level of security.

The United States and Cuba have mixed economies.

The government owns the resources in a mixed economy.

The individuals and the government decide what to produce and how to produce the products.

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Market Economy

Market economies have a high level of economic freedom. The people are free to make whatever decisions they want with NO government involvement.

Mexico, Germany, and Canada have market economies.

ALL resources in a market economy are owned by the individuals.

The individuals decide what to produce and how to produce the products.

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Command Economy

Command economies have a low level of economic freedom. The individuals can't make any decisions on their own. The government makes ALL decisions.

China, Cuba, and North Korea have command economies.

ALL resources in a command economy are owned by the government.

The government decides what to produce and how to produce the products.

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