Hello. I am the ghost of economy. I personally like examining economies, and seeing how things are different. Now, Let's pay a visit to the first kind of economy. No need for human methods, I have my own...
This is an example of a command economy. Here, the government is in control of the economy, and completely regulates it. There is no competition or choice, either. Now, for the opposite.
You can buy the Middle Korea phone! It's the only option.
This is a market economy, a free system controlled by supply and demand. The first option has less suplly and more demand, and the second is the opposite. This is how this economy works.
Ihuman X on left, low supply, much demand. $1503.99 Ihuman 1 on right, high supply, low demand. $5.31
Meds for food? Good deal!
Ah, yes. The classic traditional economy ruled by bartering and trading. Here, each person specializes in one thing, and trades for others. This is a nice example. One more to go!
This is a mixed economy, a combination of command and market. It is ruled by supply and demand, but has some government regulation. This one's my favorite.
Thermometer 1 is high supply low demand, and thermometer is the reverse.
Okay! Just don't use mercury, there are safety limits!
This has been fun! I hope you learned something! Ghost of economy flying out!
Explore Our Articles and Examples
Try Our Other Websites!
Photos for Class
– Search for School-Safe, Creative Commons Photos (It Even Cites for You!
– Easily Make and Share Great-Looking Rubrics
– Create Custom Nursery Art