intro to business

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  • Sally you're late to class and we are about to start learning about economies and capitalism 
  • What is that? 
  • There are four different types of economies...
  • 1.Command Economies 2.Market Economies 3.Traditional Economy 4.Mixed Economy 
  • Command Economy is when resources are owned and controlled by the government. For example North Korea and Cuba are Command Economies. 
  • Market Economy is when resources are owned and controlled by people of the country. For example U.S, France, and United Kingdom are examples of Market Economy. 
  • Traditional economy is when goods and services are produced the way it has always have been. For example Haiti, and Ethiopia are examples of Traditional economy. 
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