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Types of Economies

Types of Economies. Description People make decisions and control the resources and businesses compete without government interference Characteristics Private Property Government stays out Specialization Division of Labor Adam Smith Wealth of Nations Laissez-faire Invisible Hand.

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Types of Economies

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  1. Types of Economies

  2. Description People make decisions and control the resources and businesses compete without government interference Characteristics Private Property Government stays out Specialization Division of Labor Adam Smith Wealth of Nations Laissez-faire Invisible Hand Who holds power? People Example Countries United States (closest example – pure market economy doesn’t exist) Market Economy (aka Capitalism or Free Enterprise) http://farm1.static.flickr.com/117/274082019_032fcb301a.jpg http://anabasius.files.wordpress.com/2009/05/the-faces-of-capitalism1.jpg

  3. Description Government tells businesses what to do and people have little say Characteristics Government owns land and resources Few choices for purchase Gov’t decides What to produce, How to produce, For Whom to produce Who holds power? Government Example Countries Cuba N Korea USSR China Command Economy http://anarchy.files.wordpress.com/2007/01/stalin.jpg

  4. Description Combines elements of a pure market economy and a command economy Characteristics Private Property Government regulations John Maynard Keynes Keynesian Economics Pump-priming economics Who holds power? Mixture of people and government Example Countries United States Great Britain http://www.westga.edu/~bquest/2003/discipline.JPG Mixed Economy http://images.businessweek.com/ss/06/11/1109_economy/image/intro.jpg

  5. Description An economic system based on customs and habits Characteristics Traditions determine occupation No new technology Who holds power? Customs/Habits of the area Example Countries Developing Countries Traditional Economy http://www.sil.org/mexico/nahuatl/zacatlan/sup/01f-Alfarera-nhi.jpg http://siteresources.worldbank.org/INTTHAILAND/Images/news-events/417885-1172720323378/2007oct_weather-index_p03c.jpg

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