Types Of Economies Flashcards
1
Q
Traditional economy
A
Cottage industries, hunting farming and herb cattle, no money used, tradition from the past
2
Q
Free enterprise economy aka capitalism/free market
A
People produce and buy freely, prices are set by supply and demand, profit, little gov. Interference
3
Q
Free enterprise examples
A
USA, Singapore, Canada
4
Q
Command economy
A
High gov. Interference, no private property ownership
5
Q
Commanded economy example
A
North Korea and cuba
6
Q
Mixed/socialist economy
A
Gov. own/operates major business, allow private ownership
