Updated: 3/15/2021

Storyboard Text

  • Today we will be learning about the different types of economic systems
  • The first type of economic system is traditional. A traditional economy is an economy in which it relies on customs, history, and time-honored beliefs to make decisions for everything.
  • The second type of economic system is market. A market economy is where the laws of supply and those of demand direct the production of goods and services.
  • The third type of economic system is command. In a command economy, the government decides everything and citizens have little freedom.
  • The last type of economic system is mixed. A mixed economy is a mix between a command economy and market economy.
  • Bye have a good day!
  • Oh! Well the bell just rang, that means class is over, you are dismissed.