Economic Systems

Curtis Johnspn Jr

Market Economy

A market economy is one in which a society's economic decisions are made by individuals who decide what to produce and what to buy.

Command Economy

A command economy is a more centralized economy, one in which government planning groups make most of basic economic decisions for the workers.

Traditional Economy

In a traditional economy the economic decisions that are based on custom and on the habit of how such decisions were made in the past.

Mixed Economy

A mixed economy is an economy that has characteristics of both market and command economic systems