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  • Hey today we will be learning about economics!
  • There are four different types of economies command, market, traditional and mixed.
  • An example of a traditional economy is rual tribes men hunting for food for their tribe
  • A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services the economy produces
  • North Korea and the former Soviet Union are examples of countries that have command economies.
  • A command economy is an economy in which production, investment, prices, and incomes are determined centrally by a government.
  • An example of a market economy is the United States economy,
  • A market economy is an economy in which decisions regarding investment, are based on supply and demand, and prices of goods and services are determined in a free price system.
  • The United States and China are examples of a mixed economy.
  • A mixed economy is an economic system combining private and public enterprise.
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