Economic System

Javain Dixon & Tramoski Franklin

Command Economy

This economy has a low level of economic freedom. The government makes all of the decisions. The individuals cant make any decisions on their own. Cuba and North Korea are command economies. All resources are owned by the government. The government decides what to produce and how to produce it.

Market Economy

The people are free to make their own decisions with no government involvement. This economy has a high level of economic freedom.Mexico and Germany are market economies.Resources in a market economy are owned by individuals.The people decides what to produce and how to produce it.

Mixed Economy

High level of freedom. The people are free to make their own decisions with little government say so. This economy has a high level of economic security. United States and Japan are mixed economies. The government owns the resources in a mixed economy. Individuals and the government decides what to produce and how to produce it.