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- Kendall Witt
- We've been learing about the different types of economies
- Hey, guess what I've been learning in school.
- Cafe de crossoint
- Tell me more!
- What?
- I'm glad you asked. Command is where the government is in full control. Traditional is when the economy is done how it always has been.
- Exactly! The last one is Mixed. That basically means that the economy is partailly run by the government and partially run by the people.
- Well, there are 4 different types of economies, Traditional, Market, Command, and Mixed!
- Oh! So then Market is where the people control what they sell and have little government intervention?
- Hmm, what do they all mean? Market economy sounds farmiliar.
- Many countries in South America are traditional in their economies.
- I know right!
- That's so cool that some places still economically operate this way!
- Adam started talking to Kelsei about what he was learining in his buisness class. He talk about the 4 main types of economies.
- Socialist countries like North Korea, Russia, and Iran, are all countries with economical command.
- What about command?
- Adam is explaining the 4 types of economy. Kelsei recognizes what Market economy is and joins in.
- Lucky for us, America is a market economy.
- Hmm, thats nice and all but what I really want to know is what economy is America?
- In South America, their economy is traidtional. They do things very different than the rest of the world. They farm and have economic procidures that are like they were a long time ago, hence the name traditional.
- Kendall Witt
- The last type of economy is mixed. That means that the people and the government make the desisions.
- Wow, its so cool to learn about all the different types of economies. Thanks for helping me learn!
- Command economies are run fully by the governmnt. The governments deside which supllies will be produced and sold. The majority of the funds gets redirected towards the government. This is not good for the consumers or the producers. Many people are unahppy about this.
- Market Economies are probably one of the most sucsessful. These types of economies are run by the people for the people. They consumers demand products which the producers supply. The producers make all the money from the sales with little government taxation.
- Mixed Economys are economies That are partially ran by the government and partially run by the people. This is the second most succesful becuase both the government and its citizens are happy.
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