business story

business story

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  • Market Economy
  • Market Ecomony
  • Command Economy
  • This is Jerry,  Jerry lives in New York City, United States which is a market economy country economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
  • Command Economy
  • Jerry always buys gummy bears because they're his favorite snack for anytime of day. Since the U.S. is a Market Economy country they can't prohibit the sale of sweet snacks so Jerry gets his freedom of choice. 
  • Mixed Economy
  • One day Jerry decided to go to North Korea to try out their gummy bears. North Korea is a command economy country which means the government determines production, investment, incomes, and prices
  • Mixed Economy
  • The first thing Jerry does when he gets to North Korea is go shopping for groceries. Jerry is most looking forward to buying some gummy bears but the government prohibits the sale of sweet snacks
  • After Jerry found out that he couldn't buy gummy bears in North Korea he decided to go to Sweden Because they're a mixed economy country which means there is a combination of public and private enterprise.
  • After Jerry got to Sweden he met Tom who is the owner of gummy bears. Tom told Jerry that he gets to decide his own prices for his gummy bears but he also has to pay taxes to the government because they help provide for the public without owning the resources.
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