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.