Types of Economies

Types of Economies

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  • The Four Types of Economies and Principles of Capitalism: Where to go?
  • Business Class: The Four Types of Economies
  • This year we have extra funding and the board accepted our request to travel to experience the four different types of economies!
  • First Stop: Canada (Mixed Economy)
  • As you can see, this is government ran housing available to people who are not able to pay for homes they can own themselves.
  • First Stop: Canada (Private Property)
  • The car on the other side of the street is an example of private property.
  • The school board had extra funds this year and the two business teachers requested to travel so they're students could experience the four different types of economies since they learned about them this year. During the trips, the students would also learn about capitalism. Mrs. Smith took a poll and the students chose to go to Cuba, France, Ethiopia, and Canada.
  • Second Stop: Cuba (Command Economy)
  • Canada is an example of mixed economy.  Mixed economy is combined elements of command and market economies. This means resources are owned and controlled by government and resources are also owned and controlled by the people of the country. Housing is an example of this because you can buy to own it or if you can't afford it, you can live in government ran homes.
  • Second Stop: Cuba (Freedom of Choice)
  • Freedom of choice!
  • The car on the other side of the street is an example of private property. This would be a principle of capitalism. The definition of private property is; to own, use, or dispose of things of value.
  • Third Stop: Ethiopia (Traditional Economy)
  • Cuba is a command economy. A command economy is when resources are owned and controlled by government. This would mean the people of the country would't have anything to do with the resources.
  • In Cuba, education at all levels, subsidized housing, utilities, entertainment and even subsidized food programs are all government-paid.
  • Yes!
  • So Mrs. Smith, your saying all those things are free?
  • Freedom of choice is to make decisions and accept the consequences of those decisions. In the picture, a student is asking what she should order, It's her choice. The consquence of this decision is paying for what she orders.
  • I don't know what to order
  • Ethiopia is a traditional economy country. Traditional economy is where goods and services are produced the way it has always been. Hunting and gathering is traditional because it has always been done. 
  • In Ethiopia, this is often where you could find people hunting and gathering.
  • Wow!
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