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  •       Economic Types
  • Mixed
  • Command
  • Traditional
  • Market
  • The Library
  • You won't need to. I can just tell you about them.
  • I can't find a book about economic types..
  • Command Economy
  • First, a command economy is when the government controls everything.
  • 
  • Traditional Economy
  • Oh! So hunting, fishing, farming and gathering!
  • Traditional Economy is kinda like how people used to live back then.
  • 
  • Market Economy
  • Market Economy is freedom. Free to make any decisions.
  • A command economy is when what's produced is controlled by the government. An example would be Russia. One strength is that everyone has a job but one weakness is that it discourages innovation.
  • Mixed Economy
  • Traditional Economy is most common in Africa. Economy is guided by old values such as hunting and gathering.  One strength is that it makes people self-sufficient but one weakness is that there is no surplus of resources.
  • Market Economy is seen in Singapore, which allows businesses to take control of the economy without intervening. It is heavily involved by free will. One strength is that it encourages innovation because people are allowed to make any business decisions, but it leads to monopoly.
  • The US combines both market and command economy values. It allows for free flow of money and businesses making their own decisions with little government intervention. It promotes quick economic development unlike a command economy, but it could risk the government going too far or not at all depending on which side it leans more.
  • Thank you...
  • Mixed Economy is the last one. A little bit of Russia and China.
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