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.