Types of Economies

Types of Economies

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Storyboard Description

The 4 types of economies

Storyboard Text

  • Economic Systems
  • Command Economy
  • Why do we all have to dress the same?
  • Yeah. But sometimes its not enough, some people need more than others.
  • Well the government provides everything for us.
  • Traditional Economy
  • We are helping the environment so much by growing our own things.
  • Yes but it takes so long.
  • There are 4 types of economic systems: Command, Traditional, Market and Mixed.
  • Market Economy
  • Hey dad we are so lucky to have this establishment.
  • Yes because the government isn't involved so its easy to have our own business but we ahve to be careful of bigger buisnesses.
  • In a command economy the government is very involved. Anything that has to do with the economy goes through the government. Advantages of this system is that there is low rates of unemployment and inequality. Disadvantages of this system is that there is no efficiency. Countries that follow this system are Cuba and North Korea.
  • Mixed Economy
  • Traditional economy is old fashioned, it has been around for a very long time. An advantage of this system is that it is good for the economy. However, a disadvantage is that there is no change within the society. Countries that practice this economic system are developing countries usually in Africa, Middle East and Asia.
  • The End
  • In a market economy the government is rarely involved. The resources that are used are controlled by the people of the country. There is a lot of competition which leads to efficiency and to more money, these are advantages of the system. There is a risk of monopolies. Countries that follow this system are China, Hong Kong, and Singapore.
  • A mixed economic system is the combination of command and market economies. An advantage of this system is that the government is somewhat involved, but private or personal decisions can still be made. However there are risks that some people will end up in poverty and it can also lead to inequality towards some people. Countries that use this system are France, the U.K and the U.S.A.
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