Micheal keeps reading about different economies throughout history, specifically looking at the 4 main types of economies.
The first economy Micheal reads about is a Traditional Economy. A traditional economy is an economy in which traditions, customs, and beliefs shape how goods and services are distributed. Some examples of traditional economies are indigenous tribes in the Arctic Circle and in Haiti
The next economy that Micheal reads about is a Command Economy. A Command Economy is an economy in which prices, profit, and incomes are determined by a central government. Some examples of Command Economies are the USSR, Cuba, and Venezula
Micheal: Unites States: 2018
The next economy that Micheal reads about is a Market economy. A Market Economy is an economy in which prices, profit, and incomes are a compromise between the consumers and the producers. Some examples of Market Economies include Hong Kong and Singapore.
The final economy that Micheal reads about is a Mixed Economy. A Mixed Economy is an economy that combines aspects of command, market, and traditional economies, which means that the economy falls on a spectrum from more market to more command economy. Some examples of this would be Canad, The United States, and The United Kingdom.
Micheal finishes the book and has learned what the four principles of capitalism are and the four different types of economies.