4 Types of Economies

4 Types of Economies

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  • Oh I know! I'll make a huge clothing line.
  • So what? Mine will be better anyway, and i'll make WAY more money than you !
  • No, you cant do that . I already have a clothing line! 
  • Start picking those vegetables so I can send them to the market soon
  • Yes Ma'am . No Problem.
  • As you wish Sir!
  • ItI expect you guys to make this building into a army facility by tomorrow. It shouldnt take much long. Figure it out and get it done ASAP!
  • This seems like a lot of work in such a small time frame, so unfair
  • A market economy is a system where the laws of supply and demand direct the production of goods and services. A market economy sets prices and distribute goods and services. Competition occurs in this economy as well , since everyone wants to make money
  • A traditional economy is a system that relies on customs, history, and time-honored beliefs.Traditional economies depend on agriculture, fishing, hunting, and gathering. Traditional economies eventually evolve into market, command or mixed economies
  • A command economy is where a central government makes all economic decisions. The government owns the land and the production. It sets priorities for the government people.
  • A mixed economy is a system that combines characteristics of market, command,and traditional economies. It protects private property. It also allows the free market and the laws of supply and demand to determine prices.
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