the school is taking a field trip to visit a business that has to deal with command, market ,traditional, and mixed economy's.
thats why we are going on a field trip to learn about it
what is a command economy?
command economy- resources are owned and controlled by the government market economy- resources are owned and controlled by the people of the country traditional economy -goods and services are produced the way it has always been mixed economy - combined elements of command and market economies
any questions about economy?
so, are examples of a market economy countries like France and The US?
are examples of a command economy countries like North Korea and Cuba?
yes and yes! good job! also examples for traditional economy is Haiti, and Ethiopia. and mixed economy is China and Russia