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The type of economy is determined by the extent of government involvement in
economic decision making.
Characteristics of major economic
Free Market
Command economy
Private ownership of property / resources
Consumer sovereignty
Individual choice
Central ownership of property / resources
Centrally-planned economy
Lack of consumer choice
Mixed Economy
Individuals and businesses as decisions
makers for the private sector
Government as decision maker for the
public sector
A greater government role than in a free
market economy
Most common economic system today
The student will demonstrate knowledge of how economic decisions are made in the marketplace by:
b) comparing the differences among free market, command, and mixed economies.