Types of Economies

Types of Economies

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  • Today Janie needs to find a different place to live. she will be visiting different economies to see which one she likes best 
  • In our community resources are controlled and owned by the government 
  • I'm not sure that I want to live in a place where everything is controlled. I really like the apartment though! 
  • Great view! 
  • Here, everyone owns and controls there own resources!
  • Janie is moving. She will visit a Command economy, a Market economy, a Traditional economy, and a Mixed economy while discussing the principles of capitalism.
  • The old town is so cute! This could be the one!
  • In our town we do everything traditionally, good's and services are are produced the way it has always been.
  • Here profit is made and most of it goes to the government because in a command economy the government controls and owns everything. Profit is when there is money left from sales after operating costs of business have been made.
  • Here we like to own and control our own resources  
  • I love it! Just like a mixed economy  with combined elements  of command and market economies.
  • Over here evrything is owned and controled but the government
  • In the market economy everyone has private property which means they control and own everything that's theirs. Private property is to own, use, or dispose of things of value.
  • This economy is my favorite!
  • A traditional economy is freedom of choice while most things work how they always have the people are not controlled by anything. Freedom of choice is to make decisions and accept the consequences of those decisions. 
  • Last but not least a mixed economy has competition. Competition is rivalry among businesses to sell which encourages improved products and practices and lower prices.
  • Janie chose a mixed a economy to make things interesting, she's excited to see how her new home life is going to work.
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