The Three Types of Economies
Market, Mixed and Comand
What are they?
- Command- The government controls everything in the economy and has all the reasources. Th consumers have no say. Ex. Iran, Cuba, and China.
- Market- The consumers have total control in the economy and controls all of the resources. Ex. Hong Kong, Singapore, and the United Kingdom.
- Mixed- Combination of both. Both the consumers and the government has a say in the economy. Ex. South Africa, Greece, and Mexico
Ratings of Economic Growth
- Market- 5 out of 5 in economic freedom because the consumers are allowed to do as they please in this economy
- Command-5 out of 5 in economic equity because the everyone receives the same income
- Mixed- 4 out of 5 in full employment because everyone is not required to work, so there are some people that don't.