Types of Economics

• Decisions based on customs/traditions, or religious beliefs

• People inherit jobs, fulfill roles in community

• Can lead to less conflict, but also less personal choice

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Traditional Economy

• All decisions are made by the government

• Jobs & Resource sharing is decided by government

• Can be really inefficient, low quality of life, but no businesses are forced out by monopolies

​Command Economy

• Decisions are made and resources are shared based on supply and demand

• Lots of competition among businesses= higher quality products

• Can create a wealth gap/ monopolies, but also more efficient businesses

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Market Economy

• Government takes control of big/important industries like healthcare, education, utilities

• Supply & demand controls the rest of the markets/ businesses​

• Can create inefficiencies in govt. controlled industries, but still allows for competition and basic quality of life

​Mixed Economy