Types of Econimies

Types of Econimies

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  • Hmm what to do. Oh I could travel since I'm on summer break.
  • Well I'm in the United states already which is a mixed economy, which means the government and citizens own the economy.
  • Hmm I could combine this with my summer project of different econimies
  • This is China where it is a command economy. What does that mean?
  • It means that the Government controls all of the economy. 
  • This is Argentina where it is a traditional economy. Every thing is made how it was made at the beginning by hand.
  • There isn't really much here Traditional economies are less devoloped than other countries
  • The United Kingdom a market economy where everyone is free to own whatever they want since the government doesn't own any of it.
  • Profit is when someone gains an amount of money which was more than they spent. This means that if people use their money correctly than their will be no shortage of resources for that person.
  • The UK is where anyone can express a freedom of choice to do whatever they want legally. This means that anyone can make it big.
  • Lastly there is private property which is what people use to house themselves or company. This helps provide efficiency and helps save land. 
  • There is competition where two companies compete against each other to make more of a profit. Which means that they will be lowering prices and producing more to get more consumers
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