UNIVERSITY OF MAKATI

J.P. Rizal Extension, Brgy. West Rembo, Makati City

Subject: Economics with Agrarian Reform and Taxation

Topic: types of market economy
Name: Morgan V. Salting
Presented To: Prof. Rico Apelado

TYPES OF MARKET ECONOMY

A market economy is an economy where most resources are owned and controlled by
individuals and are allocated through voluntary market transactions governed by the
interaction of supply and demand.

The worlds economic systems fall into one of four main categories: traditional economy,
market economy, command economy and mixed economy; however, there are unlimited
variations of each type. An economic system must define what to produce, how to
produce it and for whom to produced it. Depending on the products produced and the
environment, certain economic strategies will be more successful than others.

What I learned about this topic is that, if People exchange resources, such as money, for
other resources, such as goods or services, on a voluntary basis in the market. The value
of the resources exchanged is based upon how scarce each resource is and how many
people want the resource. If the supply of a resource is low, but the demand is high, the
price will tend to be high. If the demand is low and the supply high, the price will tend to
be low.

Types of market economy

Source:https://www.scribd.com/document/329218745/Economic-System-Types-
Chron