economic systems

economic systems

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  • Have you ever wondered what people mean when they talk about an economic system? 
  • Yes, but I'd never understand
  • Lets go on an adventure and I can explain the four systems to you on the way!
  • I'm always ready for an adventure!!
  • Our first system is traditional. The people follow customs and traditions of their ancestors. They make goods the same way as in the past.  
  • The second system is command. The government makes all the economic decisions and decides how to produce goods. 
  • Listen to what I say!!!!!
  • The third system is a mixed economy. This is what the United States has, some government regulation but businesses can make their own decisions. 
  • The last system is a market system. The individuals and businesses make all their economic decisions themselves. 
  • I make all of my business decisions. 
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