Comparing Economies

Kendra Carswell and Elizabeth Thomas

Market Economy

Ex: Hong Kong

Economy based on private ownership.

The business owners own the resources.

The prices are determined by supply and demand.

Economic Freedom - 4

Full Employment - 3

Command Economy

Ex: Iran, Cuba

Government makes all economic decisions.

Government owns everything.

Economic Freedom - little to none

Economic Security - 5

Mixed

The people own their own resources.

The government and citizens make economic decisions.

Economic Efficiency - 3

Economic Freedom -3

EX: United Kingdom