Comparing Economic Systems
Project Overview Sheet
Introduction: What would life be like in the North Korean economy? How would things be different in
the economy of Chad? How would things be different in Sweden? In this lesson, you will have the
opportunity to compare these three economies to the U.S. economy.
Resources: The CIA Factbook: The CIA updates its World Factbook website annually. Data are
included for every country in the world, as well as several territories of other nations.
https://www.cia.gov/library/publications/the-world-factbook/index.html
Process: First we need to take a moment to look at how economists categorize economies. This is a
review of Chapter 2 notes – review your notes for more information on each type of economic system.
Economy Type
Mixed Economy – leaning
more towards Capitalism
Characteristics
Example Economies

United States, Hong Kong,
Private ownership of the means of
production (for example, farms and Germany
factories)
 Supply and demand are responsible
for the price and allocation
decisions.
Command (Communist)
North Korea, Cuba
 Government (or central) controls
Economy
ownership of the means of
production
 Government is also responsible for
setting of prices of good and
services and for most allocation
decision.
Mixed Economy - leaning  Economic system which is based on Sweden, Denmark, Vietnam,
more towards Socialism
Finland, Switzerland
cooperation rather than
competition
 Utilizes centralized planning and
distribution
 Believes in equal access to
resources for all
Developing Economy
Chad, Ecuador, Bangladesh
 A nation that is not yet
industrialized, but is developing
In this lesson, you will compare several aspects of the economies of the United States (representing a
market-oriented economy, North Korea (representing a command economy), Sweden (representing a
socialist economy), and Chad (representing a developing economy).


Go the the CIA World Factbook website: https://www.cia.gov/library/publications/the-worldfactbook/index.html and then choose the appropriate country.
Find the information needed to complete the chart. Fill in using Pen or Pencil.