FOUR types of Economic Systems

1. TRADITIONAL ECONOMY

Cottage Industries

Subsistence Agriculture

What are the main features of a Traditional Economy?

Does the US have this type of Economy?

What is ECONOMICS?

2. Which heading best completes the partial outline?

I. _______________________________

A. Interaction of Supply and DemandB. Profit Incentive

C. Entrepreneurs

U

S

A

G o v

e r

n m e

n t

3. Communism

National Plan

4. Socialism

Market Reforms and Class Struggle

Most countries have Mixed Economic Systems

Which country would be the most developed?

Why?

What type of Agriculture?

What factors determine how developed a country is?

What are the Economic Indicators?