4 types of economies

4 types of economies

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  • Command Economy 
  • Command Economy continued...
  • Market Economy 
  • In a command economy, the government calls the shots. They decide what is being produced, how it is going tot be produced and who it is going to be for, along with the prices. However, they do not meet the needs and wants of consumers. 
  • Traditional Economy 
  • A command economy can be seen in North Korea. The government there practically controls everything that the citizens do. They censor and prohibit people from going against the government, and they don't meet the need of citizens. 
  • Mixed Economy 
  • A market economy is easily accessible to consumers and buyers. Also, they meet the need of a consumer through the means of supply and demand. They use things that people buy a lot or need, and they sell them. However, markets are susceptible to monopolies and can easily land in debt if there is not a lot of progress. An example of market economies can be seen in India, where there are many people selling different resources to make profit.
  • Mixed Economy Continued...
  • A traditional economy is usually seen only within families. An example of this can be seen in a farm, in the rural parts of a country. Traditional economy is not great for expansion or spreading. It can be good in the sense that there are individual trades and the customs within the family stay alive, but the process takes a long time.
  • A mixed economy is a combination between a command and market economy. This could mean that there can be both private ownership, and government involvement. There can be more private ownership than government involvement and vice versa. 
  • A mixed economy can be seen in the U.S. It can especially be seen in charter schools. They have a private owner, but the government is also involved in terms of educational regulations and money. 
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