Market

Command

Mixed

Types of Economies

Economic system which individual buying decisions in the marketplace determine what,how,and for whom the goods and services will be produced

An economic system in which a central planning authority, under the control of the country's government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced.

An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services will be produced.