Types of Economies

Types of Economies
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Free-Market, Mixed, Command Economies

Storyboard Text

  • Free-Market Economy
  • Mixed Economy
  • Command Economy
  • Free-Market economies believe that profit, wealth, choice, consumer sovereignty, competition, and private property are good.  The government has almost no control, as the decisions are up to the individual. 
  • Mixed economies believe that profit, wealth, choice, consumer sovereignty, competition, and private property are good but must be limited.  The government has partial control and the individual has partial control.
  • Command economies believe that profit, wealth, choice, consumer sovereignty, competition, and private property are bad.  The government has total control, and the individual has no say. 
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