4 Types of Economies Project
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There are 4 types of economies: traditional, market, mixed, and command.
A traditional economy does things similarly to how they've always been done. Traditions, customs,beliefs, and more shape the goods and services produced from these economies. Example: the Aborigines. Pro: meets vital needs. Con: Doesn't allow change.
A market economy allows prices to be determined by individual citizens and businesses. The government does not intervene much, and central planning is close to nonexistent. Ex: Mexico Pros: the people have a say Cons: could create economical imbalance
A mixed economy combines parts of market, command, and traditional economies. It takes on some pros and cons of each, and the government plays a much larger role than in a market economy. Ex: Canada Pros: can distribute things where necessary Cons: could help put the country in debt
A command economy is one in which the government controls all economic decisions, such as what goods should be produced, how many should be produced, and how much they should be sold for. Ex: North Korea Pros: prioritizes societal welfare Cons: limits freedom
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