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  • Today I'm going to explore all the types of economies.
  • I'm going to New York first on my trip.
  • This is New York City located in the United States. In the United States they have a market economy.
  • A Market Economy is a a capitalistic economic system in which there is competition between producers. Producers can change prices and supply as they wish.
  • Did you know? China is the most populated country in the world.
  • On my way to China!
  • New York is a good example of a market economy.
  • A mixed economy is a another type of economy that combines aspects from both market and command economies. 
  • Ex. Private businesses like McDonalds, and Comcast.
  • Did you know? Ethiopia houses the African Union headquarters.
  • China is an example of a mixed economy.
  • A traditional economy is where things are produced the way they always have.
  • This is Luzhou located in the Chinese province of Sichuan. In China they have a mixed economy.
  • Ex. China directly controls and manages many businesses in its country
  • Ethiopia has a traditional economy.
  • I heard the Ethiopian Highlands are beautiful!
  • This is Sheno located in present day Ethiopia. In Ethiopia they have a tradional economy.
  • Ex. Agriculture, forestry, and fishing.
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