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Economic Systems

TermDefinition
Market An economic system based on supply and demand. It is very competitive. Having less government control moves you closer to this system. The UK is the closest to this economic system on the continuum.
Mixed All countries are mixed. This means there is some government regulation, but private businesses also have some control over economic decisions.
Command The government controls all aspect of the economy. Communist countries are the closest to this system. Russia is the closest to this system on the continuum. Increasing government control would move you closer to command.
Traditional An economic system based on customs and beliefs. There is no currency. People barter. Native villages would have this type of system.
Created by: mgilmour
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