World Geo Economies
Updated: 4/27/2020
World Geo Economies
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Storyboard Text

  • What kind of economy should we use?
  • How about a command economy?
  • Well yes, but often there is not enough resources for everyone. Also, there is less innovation and change in command economies.
  • Command economies are heavily controlled by the government, and individuals have little influence over economic functions. The government creates products and services that it thinks will benefit the people. They also have control over the prices.
  • Market economies are great because they change easily, there is little government intervention, and there is a great variety of goods and services. They also follow the laws of supply and demand. This means if there is a high demand for a certain item, more will be made so that everyone can buy them.
  • How about a market economy ?
  • Yes, but market economies don't always provide basic needs for all of society, and it might make it difficult for the government to provide adequate social services. Also, there are occasional market failures.
  • I agree.
  • I think that's a great idea. That way everyone gets their basic needs, and the economy isn't completely controlled by the government. The people and the government decide which products get produced and how they are sold or distributed. Also, the government can step in and help some people in need by providing basic necessities.
  • How about a mixed economy, that way we can have a combination of the two.
  • Although it's possible that our resources might be misused and the government could intervene and prevent progress, I think this is best for our country.
  • I agree.
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