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Different Economies

Explore the three primary types of economies: Traditional, Market, and Command. Traditional economies focus on subsistence farming and private ownership of resources, exemplified by Inuit and Native American communities. Market economies operate on supply and demand with minimal government intervention, with capitalism as a key feature, as seen in the U.S.A. Command economies, or Planned Economies, involve government control over production and distribution, as was the case in the Soviet Union. Discover the fundamental characteristics that define each system.

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Different Economies

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  1. Different Economies Peter Olson

  2. Traditional Economy • Involves extensive subsistence farming, which means you only farm enough to feed you and your family. • Resources are owned privately and in small amounts. • Examples would be Inuit communities and Native American economies. • Often described as primitive and underdeveloped.

  3. Market Economy • Commonly known as free-market economy. • Decisions regarding investment, production and distribution are based on supply and demand and all prices are based on a free-price system. • Also called Laissez-Faire which means the government does not get involved in the economy at all. • Capitalism is a form of Market Economy. • Resources are mostly or entirely privately owned and operated for a profit. • The U.S.A is a Market Economy.

  4. Command Economy • An economy where supply and price are regulated by the government rather than market forces. • The government decides which goods and services are produced and how they are distributed. • The Soviet Union was a Command Economy. • Also known as a Planned Economy. • The government controls the resources.

  5. Citations • http://www.Investopedia.com/terms/c/command-economy.asp • http://www.investopedia.com/terms/m/marketeconomy.asp • http://www.investorwords.com/6709/traditional_economy.html

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