The 4 Types of Economic Systems
Updated: 2/9/2020
The 4 Types of Economic Systems
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Storyboard Text

  • THE MUSEUM OF ECONOMICS
  • Hi, could you tell me about the 4 types of economic systems?
  • FRONT DESK
  • Of course.
  • FRONT DESK
  • One type of economic system is traditional. This means that it is dependent on trading and it is based mostly on traditions.
  • FRONT DESK
  • Another type of economic system is command. This means that that the economy is planned and controlled by the government.
  • FRONT DESK
  • A boy arrives at the Museum of Economics to learn about the types of economic systems for an essay. He asks a tour guide to explain the different economic systems to him.
  • And then there's a market economy. The goods and services in a market economy are controlled by supply and demand.
  • FRONT DESK
  • The tour guide explains what a traditional economic system is.
  • And last but not least, a mixed economy. This economy combines both private ad public businesses.
  • The tour guide explains another economic system, command.
  • THE MUSEUM OF ECONOMICS
  • Thank you for all the information!
  • Glad I could help!
  • The tour guide explains another economic system, market.
  • Finally, the tour guide explains the last type of economic system, mixed.
  • After learning about the economic systems, the boy heads home to write up his essay.
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