An example of the way a market economy works is how new technology is priced very high when it is first available for purchase, but the price goes down when more of that technology becomes available. This kind of price f... More »

Examples of command economies include the former Soviet Union, China, North Korea and Cuba. One of the defining characteristics of this type of economy is the fact that all decisions relating to the economy are decided b... More »

The bartering of hunted prey used by the Inuit tribes in northern Canada is an example of a traditional economy. So too is the economy of the Sami reindeer herders in northern Scandinavia. Both rely on traditional subsis... More »

In a market economy, resources are distributed based on the profitable interactions between producers and consumers. These interactions obey the fundamental law in economics, which is the law of supply and demand. More »

The three types of economic systems used in the world today are the market economy, planned economy and a mixed economy. Each has its own benefits and disadvantages. More »

As of 2014, South Korea has a market economy based on supply and demand. In a market economy, the decisions to invest, build and expand are based on what is needed for the country to operate at optimal levels. More »

As of 2015, the economy of Turkey is defined as an emerging market economy, states the International Monetary Fund. Turkey is also referred to as a newly industrialized country and a developed country. More »