Capitalist System
Socialist System
Mixed System
Traditional System
Communist System
An economic system that has some combination of traditional, command, and free enterprise systems
The use of scarce resources (and nearly all other economic activities) stems from ritual, habit, or custom
Nations economic decisions are the result of individual decisions by buyers and sellers in the marketplace
A central authority/ government makes the major decisions about WHAT, HOW, and FOR WHOM to produce.
Government owns the means of production for basic goods
