I'm going on a trip to 4 different places with different economys
I own and sell these cars and some of the money earned goes to the government
I'm here in Australia and I met a man name Joe. He is the owner of this store. This is what is called a market economy. A market economy is when the People decide to buy and sell and the government is not involved. People can own there own property and have there own businesses.
We do everything the same way for many years
I'm now in Cuba and this country is an example of a command economy. It is a economy were the government owns and controls everything.
4 Principles of Capitalism
Some of the places we visited today were examples of the 4 principles of capitalism
Now i'm in the U.S with bob the cars salesman. This is an example of a mixed economy. A mixed economy is a mix between market and command economy.
This is what we call a traditional economy. Everything is done how is used to be and is based on customs and beliefs.
The 4 principles of capitalism are profit, freedom of choice, competition, and private property. Profit is the ability to make money in something. Freedom of choice is the ability to choose what you want. Competition is when you are competing with someone or something to be the best. Private property is when you own your own land.