Hi, I'm your host for today! I will talk about the 4 different types of economies. They are...
Its me! This type of economy is one of the oldest. It is the most sustainable out of the other economic system. However, It is not capable of producing surplus and can run out of resources. Oww...
A talking cow?
They're having a sale today! Time to stock up more on my favorite candy
Okay! Thank you
That'll be $1.75
The government has decided that our resources will go towards building more residential areas, no ifs and or buts
This system is still practiced in developing countries or rural areas such as Africa and Latin America
Even though this ice cream is amazing... your shop failed to pass the federal safety inspection.... You will have to close down.
This system is based on supply and demand. Government does not interfere at all! It is ran by people who have private ownership of buisnesses. Unfortunately, this economy has never been tested in society.
Hope you enjoyed learning about the 4 economic systems!
This economic system is the opposite of Market. It is solely ran by the Government with no private ownership of businesses. An example where this is practiced is in North Korea.
Wish they would listen to us...
This economic system is practiced in most areas of the world and combines the advantages of both the command and market economy. Governments tend to increase their involvement over time and can suffer from downfalls.