I am homeless and lonely and I need a new place to call home.
Stop #1: New Zealand
Is this a market economy!
Stop #2: Haiti
Where is everybody. Hello!
Pajama Man has been ejected from his homeland of Pajamaville and must travel the world in search of a new place to settle. However, Pajama Man is smart and wants to find a place with an economic system that gives him the most economic opportunity.
Stop #3: The United States
Wow! My own office to myself.
Pajama Man's first stop was New Zealand, in the Pacific Ocean. The country is based upon a market economy which is where resources are owned and used by the people of the country with no or little government involvement. Pajama Man liked the great amount of economic freedom, but the terrain was difficult to navigate.
Stop #4: North Korea
No! Go away!
After his visit to New Zealand, Pajama Man heads across the Pacific to the island of Haiti, in the Caribbean. Pajama Man finds out that Haiti is a traditional economy, or an economy in which goods are produced as they have always been. The state is fairly unindustrialized and Pajama Man likes the simplicity.
Pajama Man Chooses: The USA!
Pajama Man then sails across the Caribbean up to Washington D.C, United States. Here the economic system used is a mixed economy. A mixed economy is a mix of a command and market economy. Most resources are owned and regulated by the people of the country, but there is some government involvement in the economy.
After a long voyage around the world, Pajama Man arrives at the secluded state of North Korea. The state functions under a command economy, or an economic system in which the government controls and regulates economic resources. Pajama Man is thoroughly disappointed that he won't be allowed into the country after such a long journey.
Can I come in?
Pajama Man decides to live in the mixed economy of the United States of America. The mixed economy gives Pajama Man enough economic opportunity and freedom with a healthy medium of government involvement.