Social Studies Economy Systems - Chioma

Social Studies Economy Systems - Chioma

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  • And we only provide for our families, ethnic groups, and village mates.
  • Traditional economies are decided on family traditions and ancestors' jobs. Traditional economies can show up villages  in South America, Africa, Inuit tribes, and Aboriginies.
  • We will be farming, hunting, and gathering based on our forefathers' ways!
  • In command economies,  all the decisions are made by the government. The government also decides the recources made and the quotas set. 
  • Harvest 20 bushels of wheat, and then give 40 percent of the property to me!
  • Yes.
  • Examples of this economies occur in Cuba, North Korea, and the Former Soviet Union.
  • Lemonade! 1 dollar!
  • Market economies are businesses that are privately owned. The government has little intervention in the decisions made by the citizens. There is competition between the businesses owned by individuals.
  • Economies like this show up in countries like Hong Kong, Singapore, New Zealand, and Switzerland.
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