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Types of Economies Fill in the blanks on your worksheet
Four Types of Economics Traditional EconomiesCommand Economies Market Economies Mixed Economies
Traditional EconomiesTraditional economies are found in rural, non-developed countries
Traditional EconomiesSome parts of Asia, Africa, South America and the Middle East have traditional economies
Traditional EconomiesCustoms govern the economic decisions that are made (traditions)
Traditional EconomiesAdvanced-technology is not used in traditional economies.
Traditional EconomiesFarming, hunting and gathering are done the same way as the generations before
Traditional EconomiesEconomic activities are usually centered toward the family or ethnic unit
Traditional EconomiesMen and Women are given different economic roles and tasks
Command Economies The government or other central authority makes decisions and determines how resources will be used
Change can occur relatively easilyCommand Economies Change can occur relatively easily
There is little individual freedomCommand Economies There is little individual freedom
There is no competitionCommand Economies There is no competition
Businesses are not run to make a profitCommand Economies Businesses are not run to make a profit
Consumers have few choices in the market placeCommand Economies Consumers have few choices in the market place
Factories are concerned with quotasCommand Economies Factories are concerned with quotas
Shortages are common because of poorly run factories and farmsCommand Economies Shortages are common because of poorly run factories and farms
The government dictates the job in which you workCommand Economies The government dictates the job in which you work
The government sets the prices of goods and servicesCommand Economies The government sets the prices of goods and services
Command Economies Examples of command economies : Cuba, North Korea and the People’s Republic of China
Resources are owned and controlled by individualsMarket Economies Resources are owned and controlled by individuals
Economic decisions are made by individuals competing to earn profitsMarket Economies Economic decisions are made by individuals competing to earn profits
Individual freedom is considered very importantMarket Economies Individual freedom is considered very important
Market Economies Economic decisions are made by the basic principles of supply and demand
Profit is the motive for increasing work rather than quotasMarket Economies Profit is the motive for increasing work rather than quotas
Government and individuals share the decision making processMixed Economies Government and individuals share the decision making process
Mixed Economies Government guides and regulates production of goods and services offered
Individuals own the means of productionMixed Economies Individuals own the means of production
Government Protects consumers and workers from unfair policiesMixed Economies Government Protects consumers and workers from unfair policies
Most effective economy for providing goods and servicesMixed Economies Most effective economy for providing goods and services
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