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IncEc1 Economy Types

QuestionAnswer
Competition, profit motive, and moving in own self interest are key characteristics of Free Market
The government decides what gets produced Command Economy
Privatization of much of the businesses but also government ownership of utilities, banks, transportation, energy, health care, and education Democratic Socialist/Mixed
Voluntary buying and selling of goods coordinated by markets Free Market
Higher Taxes to pay for public welfare measures such as housing for the poor and paid maternity leave Democratic Socialist/Mixed
Economic freedom is valued more than economic equity in society Free Market
The government owns the factors of production Command
The economic decisions are made based on norms that have been passed down in society from elders and previous generations Traditional
Focus is on reducing the gap between economic classes while maintaining many individual economic freedoms Democratic Socialist/Mixed
Created by: Gwen Schleif
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