Economy Types
Updated: 12/18/2019
Economy Types
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Storyboard Text

  • Market Economy
  • Mixed Economy
  • Traditional Enonomy
  • This economic system consists of economic freedom that encourages competition. A country that shows this economy is Hong Kong, a strength is that the resources are owned by individuals. A weakness is that the workers face uncertainty because of the result of competition and excessive production.
  • Command Economy System
  • The United States of America has a mixed economy. This economy consists of capitalism and socialism characteristics. One strength of this economy is that the government can interfere to correct market, a disadvantage is that either people believe there is too much or too little government intervention.
  • A traditional economy consists of the people creating, farming, etc. their own goods for everyone's benefit. Although I don't know an example of a country, a strength this economy has is that everyone gets to grow whatever they need. A weakness is that maybe some people my consume very large amounts of things.
  • A pure command economy consists of the government having full control of production prices, services, money, etc. An example of country to match this economy is North Korea. A strength is that this economy is capable of causing dramatic change in a short amount of time. A weakness is that it lacks room for individual opinions.
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