Traditional Economy Closely tied to the environment

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Presentation transcript:

4. People create economic systems that influence individual choices and incentives

Traditional Economy Closely tied to the environment Choices and Social roles determined by Custom Belief system Status Birth Family Gender

Planned (command economy) The central government makes all decisions regarding the production and consumption of goods and services. Planned economies are also called command economies

Market economy Individuals make decisions based on exchange or trade; these choices determine what gets made and who consumes goods and services. Market societies are also called free markets or capitalism

Mixed economy Mixed economies combine elements of traditional, market, and planned economies

Nations rarely fit into a specific category But can be placed on a continuum between extremes

All decisions made by tradition or command All decisions made by individuals in free markets

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