Economic systems
Updated: 12/11/2019
Economic systems
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Storyboard Text

  • Yes of course
  • Could you help me with my economics test?
  • Their are 4 economic systems. Traditional,Command,Market, and Mixed. You will also need to know what goods are produced? How are they produced? And who consumes them?
  • How many systems are their?
  • Traditional economy is when goods and services are produced the way it has always been. Each generation is taught the same methods to make the same goods.
  • Tell me what traditional economy is?
  • A command economy is when resources are owned and controlled by the government
  • How does the command economy work?
  • A market economy is when resources are owned and controlled by the people of the country
  • What about the market economy?
  • Lastly the mixed economy combines elements of the command and market economy.
  • Thank you so much, now I understand!
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