Economic System - created from Mind Map

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Mixed Economies

Command Economics

Free Market Economics

A mixed economy combines elements of free market and command economies.

In free market states the government still directs the economy some.

a centrally planned economy due to the fact the central, national or government plans the economy.

the central government controls the entire economy. They allocate resources and dictate the pricing for goods and services.

capitalist economies, businesses and individuals have the freedom to pursue their own economic interests.

This is the economic system used within the United States.

Capitalist economies have more freedom to discover their own interests and have much smaller control from the government.

they buy and sell goods on a competitive market

this determines fair prices for goods and services