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The Four Types of Economic Systems


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Economic Definitions

Published in: Technology, Business, Education

The Four Types of Economic Systems

  1. 1. Economic Systems The Four Types
  2. 2. 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.
  3. 3. 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
  4. 4. 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?  * Indicates that the country leans that way as there are no wholly free market economies in practice
  5. 5. Command Economy  Centrally Controlled Economy where the Government makes all decisions.  Examples:  Cuba  China  Any Communist Country or Dictatorship
  6. 6. Mixed Economy  Economic System that incorporates some Governmental involvement into a Market Based Economy.  Examples:  *The U.S.A.?  *Japan?  Most “Modern” Economies