What to produce? agriculture, fishing, hunting, gathering, or some combination of them
Traditional Economy
How to produce? agriculture, fishing, hunting, gathering, or a combination.
For whom to produce? Tribe and Families
What to produce?guns, tanks, and missiles
How to produce?The government decides the means of production and owns the industries that produce goods and services for the public
Command Economy
For whom to produce? The government
For whom to produce? Businesses responding to the wants and desires of consumers
What to produce?the wants of the consumers and the profit motive of the producers will decide what will be produced
How to produce?the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees.
Market Economy
How to produce?A mixed economy may emerge when a government intervenes to disrupt free markets by introducing state-owned enterprises (such as public health or education systems), regulations, subsidies, tariffs, and tax policies.