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The Types of Economies
Updated: 9/29/2020
The Types of Economies
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Storyboard Text

  • The Question
  • Of course I will help! So...
  • Hey! I I need your help for a class. Please help me understand the different types of economies?
  • The Transition
  • Command Economy
  • I wish I could set the prices for my own products for once! I want control!
  • Okay! Everybody will be selling their products for the price that we set, and we will be controlling your needed resources.
  • Tony is asking his friend John for help with a class.
  • Market Economy
  • I have no idea Jim. Maybe we should ask our team to help decide, and make a plan.
  • Okay, so Samantha we have the choice of our prices, and control over our resources. What should we do?
  • Transitioning to their imaginations...
  • Mixed Economy
  • I appreciate that Mrs. Smith. I'm thankful that you basically gave us most of our freedom with it.
  • The government is telling a producer that the government controls their prices, and resources.*Resources are owned and controlled by the government.*
  • Traditional Economy
  • Hey, Jenny! Do you think we should change up how we do things around here?
  • Jim and Samantha are trying to decide how they will set their own prices, and their resources*Resources are owned and controlled by the people of the country.*
  • Mrs. Smith and Hailey are discussing how the government will control a little of their resources.*Combined elements of Command and Market economies.*
  • Now, Hailey. We will control a little bit of your resources, but you have the freedom to price as you wish.
  • George and Jenny are talking about how they've done things the same way around there.*Goods and services are produced the way it has always been.*
  • Absolutely not, George. We have been doing things here the same way since the beginning.
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