Study

Four Economic Systems

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  • People don't have many choices in the goods and services they receive
    Command
  • People can choose what kind of work they do
    Market or Mixed
  • This economy is driven by "supply and demand"
    Market or Mixed
  • North Korea has this type of economy
    Command
  • A combination of Command and Market economies
    Mixed
  • Economic decisions are based on customs from the past
    Traditional
  • This type of economy doesn't actually exist.
    Market
  • The government controls the economy
    Command
  • People have little choice about the work they do
    Command
  • People make their own food and goods using natural resources.
    Traditional
  • Workers can bargain for higher wages
    Market or Mixed
  • Land, tools, and factories are privately owned
    Market or Mixed
  • The United States has this type of economy
    Mixed
  • Native people used this type of economy successfully for a long time
    Traditional
  • Workers can be rewarded for working hard
    Market or Mixed
  • This type of economy is controlled by businesses
    Market
  • Individuals are encouraged to develop new ideas and businesses
    Market or Mixed
  • The government meets peoples NEEDS and businesses meet peoples' WANTS
    Mixed
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