4 Types of Economies

Traditional Economy

• Tribes
• cultural, conventional, historic, classic, universal, old, died out, uncommon, rare, abnormal, unique, ancient
• Advantage- sticks to tradition
• Disadvantage- not commonly found, not much structure

Traditional

Traditional

Command Economy

• North Korea, Cuba
• communist, production, sales, profit, investment, surpluses, shortages, production goals,
• disadvantage- expenses
• advantage- owned by a central authority
• Norway & Sweden

Command

Command

Mixed Economy

• mixture, capitalism, socialism, private, freedom, modern, limited resources, taxes, profit, monopoly, coexist, "dual economy"
• advantages- mixture of capitalism and socialism
• disadvantages- disagreement

Mixed

Mixed

Market Economy

• capitalism, investment, production, supply & demand, prices, goods, fixed pricing
• advantage- free price system
• disadvantage- little governement intervention
• Singapore, Australia

Market