The Four Types of Economies
Updated: 12/16/2019
The Four Types of Economies
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Storyboard Description

Economics Homework

Storyboard Text

  • Market Economy
  • Thank you for working on my building enerprise. Once it's complete I'll be able to sell whatever I want.
  • Yeah No Problem!
  • Traditional Economy
  • Due to an often lack of resources, I got to keep on farming before the season ends.
  • Command Economy
  • We just opened a new clinic! Available to the public and free of charge.
  • This type of economy is moved, determined, and influenced by supply and demand. Although resources are owned by individuals, this type of economy does not provide enough public goods. Hong Kong being a prime example, they supply to those who work for it.
  • Mixed Economy
  • We're going to change taxes once more to reduce inequality
  • Countries like Haiti are the ones who use this type of economy since they're more rural/farm-based and believe in old traditions and customs. This economy is stable, predictable and continuous but everybody has low standards or living.
  • In this type of economy, everything is controlled and determined by the higher power or government. Sort of like a dictatorship; they are able to provide an abundance of jobs and provide basic needs at little cost yet the needs of their consumers are always ignored. Russia and North Korea are follow this.
  • Usually very limited government involvement, so this allows for public and private enterprises. Although some still feel like the government involve themselves too much, on the bright side this allows the government access to correct market failures. The United States follow this sort of economy.
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