POB mechanic scene
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Yo Cam! i have a huge Principals of Business test and I don't know the thing that has 3 questions and the 4 types of economy.
Don't worry RJ, Be happy!But seriously, i'll help you out. Get in the Porsche we are going for a test drive!
So what are the three question I need to know?
The three questions are...What goods are produced? How are they produced? and Who consumes them?
The first type of economy is a command economy. In this economy, resources are owned and controlled by the government.
What are the 4 types of economies?
The second type of economy is called a market economy. In this economy, Resources are controlled and owned by the people of the country
The third type of economy is called a traditional economy. In this economy, goods and services are produced the way they always have been.
Thanks Cam! I feel like I really understand the concept now, Imma Ace this test!
The final type of economy is a mixed economy. In this economy, elements of the command and market economies are combined.
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