Economic Systems

The Four Types

The Four Types of Economic Systems

 Four very different types of Economic

Systems have evolved as different societies have placed different emphasis on different goals and priorities in their efforts to answer the Three Key Economic Question.

Traditional Economy
 Family or Community

based Economic System that relies on custom and ritual to make its choices.  Examples:
  

Aborigines Amazon Tribes Any Substainance Economy

Market Economy
 Individual or Consumer

based Economic System that relies on the consumption choices of consumers.  Examples:
  

*The U.S.A.? *Japan? Any Capitalist Economy?

Command Economy
 Centrally Controlled

Economy where the Government makes all decisions.  Examples:

  

Cuba China Any Communist Country or Dictatorship

Mixed Economy
 Economic System that

incorporates some Governmental involvement into a Market Based Economy.  Examples:

  

*The U.S.A.? *Japan? Most Modern Economies