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  • Economy types
  • Market 
  • Market economy is when resources are owned and controlled by the people 
  • Um Ms. James? What is Market economy? 
  • Command
  • Its when the government owns all the resources.
  • President? Since you know alot, can you explain to me what Command economy is?
  • 
  • Traditional
  • Grandpa, what is Traditional Economy? 
  • An example of Market economy is the United States of America. A strength of this economy is Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. A weakness is a disparity in wealth and mobility. It's easier for the rich to become richer than it is for the poor to become richer
  • Mixed 
  • Hey! You wanna know what a Mixed economy is? I'll tell you!
  • An example of Command economy is money. A strength of this economy is command economy government can set wages and job openings. A weakness is that there is a lack of competition and efficiency. 
  • The end
  • An example of traditional economy is farming. A strength of this that you can keep everything natural. A weakness would be that it isolates people and their resources. 
  • It is when me and grandma produce our own goods 
  • An example of mixed economy is the U.S.      A strength of this that it allows the federal government to safeguard its people and its market. A weakness is if the market has too much freedom, it can leave the less competitive members of society without any government support.
  • A Mixed economy is a mix between Command and Market economy.
  • :>
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