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
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
- 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
mixed economy: individuals and partially the government
command economy: the government