Welcome to business class, today we will learn about the 4 types of economy
The first type we will learn is command economy and in this economy the prices, production and incomes are determined by the government. An example being North Korea
Market economy, which is the next economy we will learn, is like the USA where the reasources are owned by the people rather then the government
The third type of economy is a traditional economy, this is wear the goods and services are produced the way they have always been produced. An example of theis would be Haitiand
The last type of economy is mixed economy, mixed economy combines elements from both command and market. examples of this is china.
Hope you learned a lot about the 4 types of economies see you tomarroew
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