Types of Economies

Types of Economies
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  • I wonder what it is like in another kingdom?
  • I hate our kingdoms command economy where they own and control everything
  • WOW!!! This looks like a mixed economy. I should go ask the king about it.
  • Yes, so I control some resources and the citizens control some resorces.
  • King, is your kingdom a mixed economy?
  • What type of economy does your family follow?
  • My parents follow a traditional. So we do everything like our ancestors.
  • In my grand parents town they have a Market economy, so the resources are controlled by the people
  • But in the next town they have a Mixed economy, so it is a mix of command and market.
  • Thanks. Now I'm going to learn about Capitalism.
  • Profit: A financial gain
  • Competition: When multiple companies fight for a consumers business
  • This tunnel is listing the 4 principles of Capitalism. These are beneficial because it lets people have choices and live a free life.
  • Freedom of Choice: Being able to choose what you want from a list of things
  • Private Property: When a person owns something that they have complete legal rights over.
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