Economic SystemsThe Four Types

The Four Types of Economic SystemsFour 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 EconomyFamily or Community based Economic System that relies on custom and ritual to make its choices.Examples:AboriginesAmazon TribesAny Substainance Economy

Market EconomyIndividual or Consumer based Economic System that relies on the consumption choices of consumers.Examples:*The U.S.A.?*Japan?Any Capitalist Economy?

Command EconomyCentrally Controlled Economy where the Government makes all decisions.Examples:CubaChinaAny Communist Country or Dictatorship

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