Types of Economies Fill in the blanks on your worksheet

1. Types of EconomiesFill in the blanks on your worksheet

2. Four Types of Economics Traditional Economies Command Economies Market Economies Mixed Economies

3. Traditional economies are found in rural, non-developed countries Traditional Economies

4. Some parts of Asia, Africa, South America and the Middle East have traditional economies Traditional Economies

5. Customs govern the economic decisions that are made (traditions) Traditional Economies

6. Advanced-technologyis not used in traditional economies. Traditional Economies

7. Traditional Economies Farming, hunting and gathering are done the same way as the generationsbefore

8. Traditional Economies Economic activities are usually centered toward the family or ethnic unit

9. Traditional Economies Menand Women are given different economic roles and tasks

10. Traditional Economies

11. Command Economies The government or other central authority makes decisions and determines how resources will be used

12. Command Economies Changecan occur relatively easily

13. Command Economies There is little individual freedom

14. Command Economies There is no competition

15. Command Economies Businessesare not run to make a profit

16. Command Economies Consumers have fewchoices in the market place

17. Command Economies Factoriesare concerned with quotas

18. Command Economies Shortagesare common because of poorly run factories and farms

19. Command Economies The government dictates the job in which you work

20. Command Economies The government sets the prices of goods and services

21. Command Economies Examples of command economies : Cuba, North Korea and the People’s Republic of China

22. Command Economies

23. Market Economies Resources are owned and controlled by individuals

24. Market Economies Economic decisions are made by individuals competing to earn profits

25. Market Economies Individual freedom is considered very important

26. Market Economies Economic decisions are made by the basicprinciples of supply and demand

27. Market Economies Profitis the motive for increasing work rather than quotas

28. Market Economies

29. Mixed Economies Government and individuals share the decision making process

30. Mixed Economies Government guides and regulates production of goods and services offered

31. Mixed Economies Individuals ownthe means of production

32. Mixed Economies Government Protects consumers and workers from unfair policies

33. Mixed Economies Most effective economy for providing goods and services

34. Review Four Types of Economics • Traditional Economies • Command Economies • Market Economies • Mixed Economies

35. Traditional Economies

36. Command Economies

37. Market Economies

38. Mixed Economies