Economic Systems
Updated: 12/18/2019
Economic Systems
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Storyboard Text

  • Introduction
  • Different Economic Systems Around The World
  • Traditional Economy
  • Hey wife! I will go plant some seeds for our next meal.
  • Okay. I'll go clean and make breakfast.
  • Command Economy
  • The production of oil has been regulated in all states, sir.
  • Good job, Comrade. Also, make sure there is a fair distribution to everyone.
  • As the business owner of Good Motors, I have heard you all request to give free transport to workers. It has been granted!
  • As we develop different societies around the world, we make use of unique ways to survive in the economy. Countries have adopted either Traditional, Command, Mixed or Market economies.
  • Market Economy
  • Woo hoo!!
  • This economy focuses exclusively on goods and services such as planting, fishing and hunting. Everyone understands their roles and contribution however, they are susceptible to changes in nature. A country like Haiti is an example of such economy.
  • Mixed Economy
  • We, the government, have noticed foul play in Meet Meat Industries so we are intervening.
  • The government is solely in charge of the producing and manufacturing of goods and services. The goal is to have an equal distribution to civilians, however, the people's wants and needs are mostly unmet. Because Communism is in close relation to this system, countries like China and Cuba are great examples. 
  • Conclusion
  • This system is run solely by business owners and the people. Profit is one of the motive for increasing work however, there is a level of uncertainty due to competition and change. In Singapore, this system is enacted.
  • In this system, there is an half and half level of power between business owners, consumers and the government. The government is able to intervene in businesses by creating safety programs taxing policies. The U.S is a big example of such.
  • By: Praise Mokayi
  • In essence, countries not only differ by cultures but also by economic systems.
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