Types of Economies

Types of Economies

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  • Hi, Welcome to Africa. We have the traditional economy. We've been doing the same thing for a while. We are outdated with all the other economies. Like in some areas that are poorer than others don't even have clean water.
  • Hi, Welcome to the Northern part of Canada. We have a traditional economic system. Wondering what traditional enconony is?
  • We are considered underdeveloped. We do things the way its always been. In a way we like to keep to ourselves.  An example would be that the parents teach their children the how to survive in the freezing weather of the Arctic Circle.
  • Hi, Welcome to India where we also use traditional economy. It means that we do things the 'Old fashioned' way. We are a bit behind compared to the other economies. An example is our tea plantations that we still grow today.
  • Hi, Welcome to China. We have a command economy here. This is where are government controls our resources and he owns them.
  • He can tell us what we can buy and not. He sets our prices for what we need and want.
  • Our government makes his own set of rules for us to follow. He controls what we do and don't do.
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