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- Traviling The World
- I want to travel the world and see how every country runs
- Command Economy
- I set the prices of my own goods
- Market Economy
- I set my own prices on our goods
- Jennifer is traveling the world to explore the different types of economic systems. She wants to do something in the business world and wants to see in person how each different type of economic system is run. So she decides to head to Cuba first.
- Traditional Economy
- Laura the owner of the t-shirt store said the government owns their products and rsources. Cuba is an example of a command economy. A command economy is where the resources are controlled and owned by the government. Let's fly to the next country...
- Mixed Economy
- Hiedi owns her own clothing store and sets the prices of her own products. Hong Kong is an example of a Market economy. A market economy is where the resources are controlled by the people of the country. Onto the next business....
- Reviewing Her Trip
- While Jennifer was trying to buy a carrot the worker told her this was a family business that has been passed down and the produce is grown in their own fields. Haiti is an example of a traditional economy. The traditional economy is where things run how they always have been. She is excited to see the next country.
- Jennifer teleported to the United States, and the waitress Hannah said the minimum wage for the state is $12 an hour but the owner of the restaurant pays $18 an hour. The United States is an example of a mixed economy. A mixed economy is where the elements of market and command economy are combined.
- Lets get a burger and fries
- Jennifer is reviewing all the economic systems she just visited. Her favorite economy was the mixed economy in the United States. She liked how it was a mix between the command and market economy.
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