Market Economies

by Wytifiah Clyde and Tyreke Billingsley

3 types of economies

  • command economy- is an economy in which the government is in charge and makes all economic decisions.
  • market economy- based on private ownership in which individuals control most companies and resources.
  • mixed economy- based on various combinations of market forces and government interventions

Ratings

Economic freedom- 4.5; we're a mixed economy , so we make decisions based on what individuals and government want to see in the markets.

Economic equity- 3; people risk doing the right thing to get the voice out and persuade their products to get purchased.

Economic growth- 5; the amount of a product increases. The power that consumers have grows and puts consumers more in control.

examples of each market

  • command economy-China
  • market economy-Australia
  • mixed economy-France

Who owns resources

In each market power is distributed in certain ways.

  • market economies leave all choice to the individuals in charge of companies
  • command economies give complete power to the government
  • mixed economies rely on people and government

Who makes decisions

market economy: government and partially the individuals

mixed economy: individuals and partially the government

command economy: the government

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command economy

as shown in the picture above in a command economy the dictator is in charge of everything and everyone.
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market economy

in market economies various combinations of people are in charge
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