Types of Economies

Individual freedom is important in making economic decisions.

Government and individuals have influence over economic decisions.

Pursuit of profits drives economic decisions.

What and how much factories produce are determined by the government

Prices are set by a central authority.

Prices are set by the Laws of Supply and Demand

Also called a capitalist economy.

Profit plays little role in business decisions.

There is no competition between producers.

Traditions and customs determine economic decisions.

In this type of economy, individuals own resources.

Occupations (jobs) are passed down through the family.