Traditional, Command, and Market Economies

The choices people make are determined by the environment.

The government does not intervene.

Economic activities are centered on the family, tribe, or ethnic group.

There is little or no use of technology.

The government guides people into certain jobs.

Economic decisions are made by individuals who compete to make profits based on supply and demand.

Farming, hunting, and gathering are done in the same way as the generation before.

Individuals have little, if any, influence over economic activities.

Traditions and customs determine the economic decisions.

Factories are solely concerned with quotas (set production numbers).

The competition sets the price and increases the quality of products.

Individual freedom is valued and is important that people are allowed to make their own economic decisions.