Types of Economic Systems
Updated: 12/10/2019
Types of Economic Systems
This storyboard was created with StoryboardThat.com

Storyboard Text

  • I don't know anything about the different economies. Can you help me?
  • I just learned that in my Principles of Business class. I would be glad to help.
  • Types of Economic Systems
  • Command EconomyGovernment controlseverything.EX. - North Korea, Cuba and former Soviet Union
  • Market EconomyOwned and controlled by the people,Individuals answer the economic questions based on their own self-interestEx. United States, United Kingdom, Germany, and Canada
  • Traditional EconomyGoods and services are produced the way it has always been done.Countries less developed and not yet participating in the global economyEx. - often in Africa, Asia, Latin America, and the Middle East.
  • Mixed EconomiesMost nations in the world.Combines command and market economiesEX. - France, Russia and China
  • Thank you for your help. I understand everything a little more.
  • I hope my explanation will help you on your next test.
Over 12 Million Storyboards Created
Storyboard That Family