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Types of Economic Systems Cheat Sheet by

Types of Economic Systems
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Economic Systems

Economic Systems are a way for countries to produce goods and services and to provide a means for distri­bution.
Free Enterprise (MARKET) Economy
Command Economy
Tradit­ional Economy
Mixed System Economy

Market Economy

Also known as a Free Enterprise or Capita­lism.
Economic decisions are based on the actions of buyers and sellers; the market produces what people are willing to buy.
Regulation by government is minimal.
Examples: United States and Japan

Command Economy

Economic decisions are influenced or made by the central authority made up of one person or a small group who controls others in the society.
Government holds most property rights.
Until recently, good examples were Russia and other Eastern European nations.

Tradit­ional

Economy in which people do things the way they have always been done.
Little to no change from year to year.
Same methods of production and distri­bution are used.
Methods are based on habit, custom, and religious belief.
Less common today; used to be that you could find this type in parts of Africa or Middle East.
 

Types of Economies

Mixed Economy

An economic system that is made up of parts of several other economic systems.
No country has an economy based totally on any of the previously mentioned economic systems.

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