Traditional: People produce what their family needs to survive, The Amish community, Early hunters & gatherers, People will often trade extra goods with other community members, Command: The government controls everything about the economy, AKA "Control Economy", The Soviet Union with Joseph Stalin, North Korea with Kim Jong-Un, Free-Market: Businesses compete with each other for consumer dollars, Businesses do not have any government regulations to follow, If you make a bad product, you could go out of business, AKA "Capitalism", Mixed: 2 or more economic systems are combined, Businesses compete for consumer dollars, while obeying government regulations, The United States, Safety laws and regulations are in place to keep consumers safe,

Economic Systems Characteristics v1

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?