IncEc1 Economy Types
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| Competition, profit motive, and moving in own self interest are key characteristics of | Free Market
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| The government decides what gets produced | Command Economy
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| Privatization of much of the businesses but also government ownership of utilities, banks, transportation, energy, health care, and education | Democratic Socialist/Mixed
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| Voluntary buying and selling of goods coordinated by markets | Free Market
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| Higher Taxes to pay for public welfare measures such as housing for the poor and paid maternity leave | Democratic Socialist/Mixed
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| Economic freedom is valued more than economic equity in society | Free Market
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| The government owns the factors of production | Command
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| The economic decisions are made based on norms that have been passed down in society from elders and previous generations | Traditional
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| Focus is on reducing the gap between economic classes while maintaining many individual economic freedoms | Democratic Socialist/Mixed
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Created by:
Gwen Schleif
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