Different Economies

Different Economies

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  • At Home
  • Hey honey! What did you learn at school today?
  • Flashback To School
  • Okay class today we are going to learn about the four types of economies, Command, Market, Traditional, and Mixed.
  • Flashback
  • An example of Market economy is Canada.
  • Margaux thought to herself while a flashback happened...
  • Flashback
  • Ethiopia is an example of a Traditional economy.
  • Mrs. Welber went on to explain that command economy is an economy which resources are owned and controlled by the government. An example of this would be North Korea.
  • Flashback
  • The USA is an Mixed economy.
  • Market Economy is next which is an economy where the resources are owned and controlled by the people of the country. An example of this economy would be Canada.
  • Flashback
  • Our next subject is Capitalism. Freedom of choice is to be able to control your profit and resources.
  • Most countries in Africa are examples of Traditional economy because they stick to the way things have always been done.
  • Mrs Welber went on to say that the USA is a Mixed economy because they combined elements of both Command and Market economics.
  • An example of freedom of choice is market economy.
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