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This is Tom. He lives in the United Kingdom. In the UK, they have what is called a market economy. A market economy is where resources are owned and controlled by the people. A market economy is very similar to a mixed economy.
Tom is at the mall. He is going to buy some new shorts. If Tom buys a pair of shorts then the store is likely to make profit. Profit is money left from sales after operating cost have been paid. This is beneficial because without profit, no one would be in business because they would make no money and then consumers would not be able to buy anything.
This is Julie. She is from Haiti. Haiti has a traditional economy. A traditional economy is where goods and services are produced the way it always has been. This is a bad economy because many of the traditional countries are poor because they have not yet adapted to the way things are now.
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