Economic Systems
Storyboard Text
- Economic Systems
- Traditional
- The Inuit of northern Canada can be considered a traditional economy.
- Market
- Market economy is determined by supply and demand.
- The country of Japan can be considered a market economy.
- By: Mia Prazniak, Period 4
- Command
- The country of North Korea can be considered a command economy.
- In a traditional economy, habit and custom determine the rules for all economic activity.
- Mixed
- The United States can be considered a mixed economy.
- In a market economy, individuals and private groups make decisions about what to produce.
- Economic Systems
- In a command economy, the government owns or directs the means of production and controls the distribution of goods.
- A mixed economy is an economy in which the government supports and regulates free enterprise through decisions that affect the marketplace.
- By: Mia Prazniak
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