Economy

1. Traditional Economy

1.1. Definition

1.1.1. An economic system in which economic decisions are made based on customs, beliefs, and religion.

1.2. Examples

1.2.1. Bangladesh, and Berma

2. Command Economy

2.1. Definition

2.1.1. In a command economy, the government controls all economic activity.

2.2. Examples

2.2.1. China, Cuba, and North Korea

3. Mixed Economy

3.1. Examples

3.1.1. United States, and Cuba

3.2. Definition

3.2.1. An economic system that combines private and state enterprises (combines market and command economies)

4. Market Economy

4.1. Definition

4.1.1. An economic system in which the three economic questions are based on competition among private businesses and not controlled by a government

4.2. Examples

4.2.1. Singapore and Australia