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  • In a Traditional Economy, people used scarce resources and hunt and gather their own food. It is more of an old-fashioned economic system
  • I am going to raise taxes 500% so I can get that new boat I've been wanting
  • In a Command Economy, a central authority makes the major decisions about how the economy runs
  • I am going to buy the blue gum because it tastes better the red gum
  • Nice Choice!!
  • In a Market Economy, consumers make decisions in their own best interest
  • Rub-a-dub-dub!
  • A Mixed Economy combines elements of all three previous types of economic systems
  • Types of Businesses
  • Extra! Extra! Read all about it!
  • A sole proprietorship is a business owned and run by a single individual. Typically this is the smallest size of business.
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