ECON
TYPES OF ECONOMIC SYSTEMS CHART
traditions, customs, and beliefs shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
the government, rather than the free market, determines what goods should be produced
production, and distribution are based on market determined supply and demand
supply and demand of a product determines how much will be produced
the government decides how much anything is produced. they have complete control
traditional economies distribute production according to each individual's contribution
traditionals, beliefs, or customs determine what will be produced
the government or leader determine how everything is distributed
buisnesses and consumers determine what goods and services are distributed
Owners of the factors of production are given or passed by family or tribes
The government owns the factors of production
Anyone with money
The government decides the prices of products
in traditional economies prices are determined by bartering
prices are determined by supply and demand on products