Econo

mic
System

Asystemof
production and
exchange of goods
and services as well
as allocation of
resources in a

Traditional Economy
Relies on custom, ritual, and habit
when deciding what, how and for
whom to produce and distribute.
structured by families and work is
based on gender roles.

Market Economy
Economic system in which decisions on
production and consumption of goods
and services are based on voluntary
exchange in markets.

Command Economy
Economics in which the central
government make all decisions on the
production and consumption of goods
and services.

Mixed Economy
Economic system that combines the
free-market with limited government
involvement.