Economic System Comparison
C. Miller E. Patrick
Command
These systems are found in Egypt and China. All resources are owned by the Government. Economic Decisions such as what to produce,how to produce it,and whom recieves it are made by Kings or Government. Consumers have no economic Freedom.
Market
Market economies are based on private ownership. These systems are found in Hong Kong and Singapore. Private companies and individuals decide what to produce and how to produce it. The distribution of goods is determined by supply and demand. Resources are owned by consumers.
Mixed
Mixed Economies are based on combinations of market forces and government intervention. These are found in the U.S.. Resources are owned by Government and Consumers. Economic decisions are made by government and consumers.