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4 types of economy
Updated: 9/29/2020
4 types of economy
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Storyboard Text

  • The 4 types of economies
  • the 4 types of economies by Don Woody
  • they don't ask the people because the government controls the oil reserves
  • Saudi Arabia is trying to sell their oil reserves
  • why doesnt the country of Saudi Arabia ask the poeple if they should sell them
  • what we have is a market economy which means the resources are controlled by the people of the country such as this restaurant
  • then what kind of economy do we have?
  • yes they can, that's called a mixed economy when command and market economy mix together and an example of is mixing private enterprise with a public enterprise
  • can the economies mix together?
  • most underdeveloped countries have what's called a traditional economy which means that's based off customs and beliefs
  • what about less developed countries? what kind of economies do they have
  • some examples of countries with a traditional economy are Bhutan and Haiti.
  • wow I've learned so much today thanks to you.
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