Economy by Destiny Mancini
By dm226207, Updated
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What is economy?
An economy is the method used by a society to produce and distribute good and services.
Our first economy is a Traditional Economy. A Traditional Economy is where people specialize in one good or service then trade and barter goods.
I will give you one banana for nine berries.
I think we should make the price for hair cuts and water bottles higher by tonight.
A command economy is when the government makes all the decisions on goods and services.
I like that idea.
A market economy is a free system controlled by supply and demand.
Yesterday my friend and I had a lemonade stand but we had to stop early due to lack of supply.
Due lack of demand we should speak with the company of those cameras and we should lower the price.
A mixed economy is a system that uses charateristics of market and command.
I hope you enjoyed learning about the four types of economy
I also hope this helps you remember the four different types of economy which are, traditional, command, market and mixed.
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