1. Types of Economic Systems

2. Types of Economy Foldable
Fold your paper:
In half - hamburger
In half - In half
Cut along the lines to the fold
This will be glued into your Interactive Notebook on page 18

3. Economic Continuum
On page 19 of your Interactive Notebook draw the continuum.
Mixed
Command
Market

4. Traditional Economy Based on customs and traditions.
Resources owned by inheritance.
Uses primitive methods and tools.
Hunting, Gathering, and Farming are still a major parts of the economy.
Bartering is used instead of currency.
Countries with traditional economies:
African and South American tribes.

5. Market Economy Government does NOT play a role in the economy.
Consumers drive the economy by what they choose to buy.
Decisions based on buyers and sellers.
Competition (Supply/Demand)
Examples:
United States, Mexico

6. Command Economy
Government makes all major decisions about the economy.
Not based on competition (supply / demand)
Countries with command economies:
Cuba, China, North Korea, Former USSR

7. Economies Most economies are in between a command and market.
These are called mixed economies.
There are no pure command and market economies.

8. Mixed Economy A blend of traditional, command, and market economies.
Almost all economies are a mixed economy.