click below
click below
Normal Size Small Size show me how
Economic Systems OGT
Types of Economic Systems
Term | Definition |
---|---|
Command Economy | Economic decisions are made by the government. |
Market Economy | Economic decisions are made by private individuals and businesses. |
Traditional Economy | Economic decisions are made by customs, religion, and other ideas handed down generation to generation. |
Mixed Economy | Economic decisions are shared by the government and the private individuals. |