11b Types of Economies

Family custom determines occupation...

Private sector only...no government involvement

Government determines price and controls markets...

The U.S. is an example of one...

Both public and private sector...

Public sector only...no private ownership

Relies on the government for some services, but individuals also get a say...

Everything is determined only by supply and demand, not government regulation...

Most economies today...

Based on historical precedent...

North Korea and the Soviet Union are excellent examples...