Meet Jim, He is going to visit various places around the world for vacation this summer.
Jims first stop is Thunder Town. Thunder Town is an old run down place. People still hunt to find food and hand sew all of their clothes. This is an example of a Traditional Economy which is, a government where goods and services are produced the way it always has been. An example of this would be Ethiopia.
Next stop,Lightning Lane. Lightning Lane is a very strict area and their government controls who lives where and how much of the lands resources they are allowed to use. This is an example of a Command Economy which is where resources are owned and controlled by the government. An example of this economy is North Korea.
The next stop is RainVille. In RainVille the people get to use the resources of the land. Many people have benefited from these resources and have became very wealthy. Also everyone gets to choose where they live. This is an example of a Market Economy which is where resources are owned and controlled by the people of the country. An example of this is the United States.
The last stop is Windy City. Here the government controls most of its resources but everyone can pick whatever job they want. This an example of a Mixed Economy which is a combined version of a command and market economy. an example of this is China.