O Built upon traditional customs and beliefs

O Centers around agriculture, hunting,

fishing

O Barter and trade is often used in place of

money.

O Often, people in a traditional economy live

in families or tribes.

O Tribal/ Nomadic Communities

The bartering of hunted preyused by the Inuit tribes in northern Canada is an example of a traditional economy.

O African

Countries

O based on market determined supply

and demand

O prices of goods and services are

determined in a free price system

O Private ownership, the government

does not own the businesses

O United States of

America

O The “United”

Kingdom

O The government creates a central economic plan for all sectors and regions of the country

O The government allocates all resourcesaccording to the central plan

O The central plan sets the priorities for the production of all goods and services.

O “Opposite” of the Free market economy

O The Soviet Union O North Korea

O ownership of goods by both private and government/state-owned entities

O part of the economy is left to the free market, and part of it is run by the government.

O Mixed economies start from the basis of allowing private enterprise to run most business. Then the governments intervene in certain areas of the economy, such as regulation, and spending money on public services.

O France O Sweden