Hi im going to be taking you on a trip with me throughout the four types of economies.
Command economy: An economy where investment,prices, and incomes are determines by the government. One example would be North Korea. This is when the government control's basically everything
Market economy: When the pricing of goods and services are determined by individual citizens. This is when individuals control what they make and sell. An example would be Individuals running their own business
Traditional economy: when goods and services are produced the way they always have been. This is like farmers making corn the same way they do every year. an example would be Northern Canada.
Mixed economy: A service run by citizens and the government. This is like when the government and citizens share the country and control their own part. An example would be France.
Now that the trip is over let's go on another trip that explains the four principals of capitalism