SS 7th grade
Updated: 3/17/2021
SS 7th grade

Storyboard Text

  • Mr.Parker I have a very important question about the four economic systems?
  • VERY GOOD QUESTION AIDEN!
  • My first question is..........What even is an economic system?
  • Ok
  • Ok so, An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
  • So, A traditional economic system is based on customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.
  • Mixed economy, in economics, a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention. ... A combination of free market principles of private contracting and socialist principles of state ownership or planning is common to all mixed economies.
  • GIVE ME ALL THE MONEY!!!
  • So a market economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
  • GET TO WORK!!!!
  • an economy in which production, investment, prices, and incomes are determined centrally by a government.
  • an economy in which production, investment, prices, and incomes are determined centrally by a government.