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Intro
The Different Economies
I know that the government sets goals to meet and it produces goods and services!
Command Economy
The government also picks who gets the goods.
Now that we are here, we are going to learn about the command economy! What do we Already know?
They produce goods when the government wants it at that time!
we know that a command economy is where everything is decided by the government
They produce goods by following the tradition that was set by their ancestors!
Traditional Economy
They distribute products based on age, and they share their products equally!
A traditional economy produces food, clothing, shelter, and tools for survival.
Hello clas! Today we will be learning about the different types of economies.
Mixed Market Economy
The government is partly involved on who gets the products
A mixed economy is kinda like all these different colors and type of cars. What all do yall know?
The whole gifted class went on a feild trrip to one of the many government buildings to talk about the command economy.
Market Economy
A market economy is an economic system where prices and production are determined by a competition between privately owned businesses.
The wants of the consumers and producers decide what will be produced.
The class all came up with the answers to the 3 economic questions.
GoodBye (for now)
Just like Russia, Germany is also closer to a command economy today.
Today, Russia is now closer to a command economy.
The teacher compares a mixed market economy to all the different types and colors of the cars in the parking lot.
I know that a mixed market economic system produces public goods.
They maintain private ownership of production with the government
The teacher took the class on another feild trip. This time, to the Farmers Market!!
They use supply and demand
A market economy produces for entrepreneurs.
Which country is closer to which economy?
On the other hand, The UK is closer to a market economony.
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