I love business! I need to give a presentation about the 4 types of economies for school!
Reese is a business student.
Business Presentation today!
The first type of economy is traditional. This is an economy where goods and services are produced the way they always have been.
They are found in less developed countries like Yemen.
Where does this economy exist?
In command economies, resources are owned and controlled by the government. This exists in North Korea.
A market economy is where resources are owned and controlled by the people of the country and can be found in the UK and Canada. Capitalism is an important aspect of this economy because people are motivated to succeed and there are better options for consumers
The four principles of capitalism are profit, the money a company earns from selling their goods, freedom of choice, freedom to allocate resources how people want, competition, being able to compete with other companies, and private property, the right to own land.