E. Three Kinds of Economies. You already know about market and command economies. A traditional economy exists in primitive cultures where most activity is focused on providing food. People follow the methods and traditions their ancestors have always used. Think about this, and read the statements below. Organize them into the comparison chart by writing the letter of each statement where it should go. What type of economy does the United States have? Market Command Traditional Economy Economy Economy O Market O Command Private Property O Traditional Incentives This type of economy is also What is Produced called a.. Competition Economy A. The government decides what should be produced. G. Producers decide what to make based on consumer B. The need to survive motivates people to hunt, demand. gather, or farm. H. Private individuals own the property. C. Producers don't compete because everyone works I. The community's customs and traditions determine to meet the community's survival needs. what is produced. D. The government sets wages, so people aren't J. Most property is shared by the community. motivated by profit. K. The hope of profit motivates producers to develop E. Producers compete with each other to make profits new things. from customers. L. There is no competition because the government is F. The government owns the property. the only producer