Types of Economy Storyboard

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  • Hi I'm Lauren and this is my home
  • Welcome!
  • This is Lauren, she lives in St. Louis MO. where she owns a private property, which is a principal of capitalism. This is beneficial because it gives you freedom to live your own life and allows you to be prosperous. The U.S. is a market economy which means resources are owned and controlled by the people of the country. 
  • Living in a market economy means Lauren can own her own business. Within her own business she experiences competition between other stores which is beneficial because it gives costumers options. She also makes a profit which is beneficial because she is making money. These are both Principles of Capitalism.
  • Lauren loves to travel and on her trips she meets people who send her postcards when she returns home. She uses freedom of choice to choose where she wants to go which is the fourth principal of capitalism. This is beneficial because she has the freedom to do whatever she wants to do. 
  • The first postcard she got was from a friend in Cuba, he says he can't choose what he sells in his store or the price, the government does. This is because Cuba is a command economy where resources are owned and controlled by the government.
  • The next postcard came from Haiti, a young girl she met on her mission trip told her she helps her mom make baskets and clothes for them to use. This type of economy is traditional so goods and services are produced the way they have always been. 
  • The last postcard Lauren received was from a relative in Canada,  She can run her own business and if she gets sick she can go to a doctor without paying any bills. This is a Mixed Economy so there are combined elements of command and market economies.
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