Types of Economies

Types of Economies
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  • Jenny lives in Washington DC., U.S. Here, she lives under a Mixed Economy. This means that resources are owned and controlled by both the people and the government.  She is traveling to multiple countries to learn about the different lifestyles.
  • First, Jenny traveled to North Korea, where she encountered a Command Economy. This Chinese government controlled and owned all the resources.
  • Do everything my way.
  • Jenny soon realized that she missed having Freedom of Choice. Freedom of Choice allowed her to be able to make whatever choices she wanted without restriction. It made her feel more more comforted because she had rights.
  • After visiting North Korea, Jenny's next stop was Mexico. Mexico's market economy made her feel very free because the resources were owned and controlled by the people of the country. 
  • A lot of private property is owned in the country of Mexico. This is beneficial because people can own their own property and not have to worry about it being taken away. 
  • This is my private property.
  • Next, Jenny traveled to Asia where she encountered a traditional economy. Asia has an economy where goods and services are produced the way it has always been. 
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