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  • School Field Trip
  • Nowhere Island
  • No Control Island
  • This is Malcolm. He will be going on a trip around the world for his college class. On the trip, him and his classmates will be exploring the different types of economies and their importance.
  • Complete Control Island
  • Malcolm's first stop is Nowhere Island. Here they have a traditional economy. He learned in a traditional economy, goods and services are produced the same way they've always been. In economies like this, they typically aren't as resource rich as other countries with different economies.
  • Everywhere Island
  • Here on No Control Island, Malcolm learned about a command economy. In a command economy, there is little control by the people. The government owns and controls a country's resources. Countries that heave this type of economy are North Korea, Cuba, and more.
  • Home Sweet Home
  • Here on Complete Control Island, Malcolm learned about a market economy. In a market economy, the people have complete control. The people own and control the country's resources. This type of economy is uncommon because there are no countries that have a pure market economy, but there are some that are very close which includes countries like the U.S, France, UK, and more.
  • Here on Everywhere Island, Malcolm learned what a mixed economy is. He learned that it's a combination of both a command and market economy. The economy is mostly run by the people, but the government helps regulate. He was told places like the China, Canada, Russia, Sweden, and more have mixed economies.
  • After Malcolm's class trip, he has learned about the four different types of economies. He knows the differences and similarities of each. 
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