Types of Economies
Type of economy that relies on habit, custom or ritual to answer the 3 basic economic questions
Traditional
The Structure of methods and principles a society uses to produce and distribute goods
Economic System
the hope of reward or fear of penalty that encourages a person to behave in a certain way
Incentive
Type of economy where the 3 basic economic questions are made by voluntary exchange
Free Market
Economic system that has some market based elements and some government involvement
Mixed
Struggle among producers for the dollars of the consumers
Competition
Type of economy where the government, rather than the individual producers & consumers, answers the three basic economic questions
Centrally Planned
Economic System where the central government owns and controls all resources and makes all economic decisions
Communism
Laissez Faire