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  • - Called "mixed" because it is a mix between a Market and Command Economy - Most industrialized places have a Mixed Economy, like the U.S. - There is supply and demand, but there is still some government interference - The government authorizes things within the economy/market - The government also sets minimum wage that cannot be changed by anyone
  • Mixed Economy
  • Modern vs. Custom
  • vs.
  • - Only found in parts of Africa, the Middle East, and indigenous communities. - The economy is completely based on custom - The roles that citizen play and what is produced is based off of what has always been - People know what works and what to produce to be successful - Most have a low per capita GDP - Individuals are rarely allowed to make their own decisions
  • Traditional Economy
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