You will now learn about the 4 different types of economic systems!
Market Economic System
Command Economic System
The government is in full control and I have no ownership or say
I hope a coup doesn´t happen
All across the world, various countries and governments have adopted specific types of economic systems. These economic systems help societies and civilizations organize their resources, and their policies
Traditional Economic System
In a Market Economic System decisions regarding investment and production are determined almost entirely by privately owned businesses with little to no government interference. A country that uses this is China
Mixed Economic System
In a Command Economic System, The government owns all means of production and decides how good and services will be produced. A country that uses this is North Korea
In a Traditional Economic System the people follow the customs and the traditions that their ancestors made. The people collaborate in order to help and improve the lives of their community. A country that uses this is Haiti.
I spend my days farming and harvesting crops to give to my village
In a Mixed Economic System there is a blend of both private and public enterprise. In this economic system, private business still have control but the government can also have control in certain instances. A country that uses this is the United States of America
I am able to start a business and not have to worry about complete government control
While we are still able to make rules and regulations!