Economic Systems 9/4/24

An economy where the government makes all economic decisions.

An economy where businesses and consumers make all economic decisions.

An economy that combines elements of both government control and free market.

An economy where only consumers make decisions.

Traditional

Command

Market

Mixed

All economic decisions are made by the government.

There are many pure command countries today.

The government owns most property and sets prices.

Command economies are often associated with communist governments.

Traditional

Command

Mixed

Market

It is a purely free market economy.

It is a mixed economic system with both private and government involvement.

It is a command economy controlled entirely by the government.

It is a traditional economy based on customs.

Mining

Agriculture

Manufacturing tech equipment

Fishing

Cairo

Tel Aviv

Amman

Beirut

Individuals and corporations with some government regulation

Only the government

Only private individuals with no regulation

Foreign investors

Conflict with its neighbors and large volumes of immigrants

Lack of natural resources and drought

Economic isolation and famine

Overpopulation and pollution

Oil

Gold

Diamonds

Natural gas

64%

36%

50%

75%

Education, healthcare, and tourism

Oil and natural gas

Manufacturing and agriculture

Banking and finance

Oil supplies don’t last forever

Unemployment rate is high

Shortage of skilled native labor

Abundance of water resources

A command economy is controlled by the government, while a market economy is controlled by businesses and consumers.

A command economy has no government involvement, while a market economy is fully controlled by the government.

A command economy and a market economy are the same.

A command economy is based on tradition, while a market economy is based on agriculture.