Game #1--Types of Economic Systems Day 4

Game #1--Types of Economic Systems Day 4

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Traditional Economy
shaped by traditions, customs, and beliefs

usually rural and farm-based

defined by bartering and trading

Market Economy
everything based on supply and demand

the US is BASED on this type of economy

"hands-off"--Laissez-faire--Gov't doesnt interfere

Command Economy
a central authority makes all economic plans

gov't controls pricing, distribution, & resources

stable, but limited growth

Mixed Economy
both private sector and government direct the economy

the US and most other countries have this type

gov't provides some things like welfare

government ensures healthy competition in the market