The Four Types of Economic Systems

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Economic Systems The Four Types

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.

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

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?

Command Economy Centrally Controlled Economy where the Government makes all decisions. Examples: Cuba China Any Communist Country or Dictatorship

Mixed Economy Economic System that incorporates some Governmental involvement into a Market Based Economy. Examples: *The U.S.A.? *Japan? Most âModernâ Economies

Economic Definitions