Economy Systems
Updated: 3/16/2021
Economy Systems

Storyboard Text

  • Lets talk about Economic Systems 
  • There are 4 Economic Systems: Traditional, Command, Market, and Mixed 
  • Traditional Economy
  • A Traditional Economic system is based on customs, history and time-honored beliefs.
  • Some examples are agriculture, fishing, hunting, gathering
  • Command Economy
  • A Command Economy is an economy in which production, investment, prices, and incomes are determined centrally by a government.
  • Cuba, North Korea, and the former Soviet Union are examples of countries that have command economies
  • Market Economy
  • Some examples are prices, investment, production, and credit
  • A Market Economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
  • Mixed Economy 
  • Economies ranging from the United States to Cuba have been termed mixed economies. The term is also used to describe the economies of countries that are referred to as welfare states, such as Norway and Sweden.
  • A Mixed Economy is an economic system combining private and public enterprise.