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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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