Ben Nye and his Economy Adventure
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Hello! I am Ben Nye the Global Studies Guy! Economy is the method used by a society to produce and distribute goods and services. Today we'll be finding the different types of economies around the world!
A traditional economy is where the people specialize in one subject or job and then trades or barters their offerings. Africa is one example of a traditional economy. Most villages farm, and trade within there surroundings!
This is the leader of China, Xi Jinping. He and the government makes all the decisions on what the citizens and people have to produce, such as goods and services.
In 2018 everyone must work and mine for gold and rare minerals until 2019!
America is commonly known for the market economy. Market economy is a system controlled by supply and demand! For example, if there are to many iPhone 5s and no one wants it, the price of the iPhone is low. But if there are a low amount of iPhone 8s and they're in high demand, the prices go very high!
Our last stop is the United Kingdom. Here they have a mixed economy, which is a system that uses characteristics of both market and command economies. People can buy what they want, but they have to work and follow the government's orders.
We have finished our exploration of the four different types of economies! Traditional, command, market, and mixed! I hope that you have learned and now know a little more about how different economies work! I'm Ben Nye the Global Studies Guy and I will see you next time!!!
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