Economies

Question 1

Market Economy

Answer 1

Decisions are made by individuals
Based on trade ans competition
Also called free market or capitalism
Often lacks regulation or quality

Question 2

Command Economy

Answer 2

Also called centrally Planned economy
Government makes all decisions- what to produce, controls, and redistributes wealth and resources, priced and wages
No incentive to work hard

Question 3

Mixed Economy

Answer 3

Combination of free market, and limited government involvement
Government in place to assure quality and regulation

Question 4

Traditional Economy

Answer 4

based on culture and rituals, and is focused on the community as a whole