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Types of Economies

QuestionAnswer
What are the three questions countries ask when determining their economy? What to produce? How to produce? For Whom to produce?
What are the three main type of economies? Traditional, Command, Market
What type of economy consists of both command and market? Mixed
What economy is made up of customs and beliefs? Traditional
What economy does the government control everything? Command
What type of economy is based on supply and demand? Market
What type of economy is mixed but closet to command economy? Cuba and North Korea
What country is closest to pure market economy? Australia
All democratic countries in the world have this type of economy? Mixed
Communist countries like the former Soviet Union and Cuba have this type of economy. Command
Indigenous groups like the Aztecs, Inuits, Incas, and Aborigines have this type of economy. Traditional
Not having enough resources (limited supply of something) scarce (scarcity
Created by: bickle