Meet Mike, he is a young world leader who needs to find an economic system quick.
HI I am the country New Stone. I need to decide what kind of economy I should use. I am going to travel to different countries to find out which one I should use
The leader of the USA explains that they use a market economy. A market economy is an economy where the people control the means of production. They decide things like where, when and how things are produced. This makes good things like competition and private property. This allows citizens to have more choices and options
Hello USA, I would like to learn about your economic system
Welcome to the USA let me tell you about our system
The leader of the of the tribe explained they used a traditional economy. They mainly use the basics of an economy. They hunt farm and do things like that. Most things that they do is for the benefit of the tribe.
Hello tribes men I would like to learn and understand your economic system
Welcome visitor, lets us show you.
The leader of North explained that they use a command economy. This means the government completely controls the means of production. They control everything this that a consumer has virtually no choices or options.
Hello North Korea, I would like to learn about your economy.
Welcome to North Korea, Let us show you our system
The Leader of Canada explains that they use a mixed economy. This economy uses the principles of market and command into one. In a mixed economy the government controls only some means of production. The rest is the peoples choice. This creates a nice balance for the economy.
Hello Canada, I would like to study your economic system
Welcome to Canada, let us show you around
Mike is ready to run his country
Well now that I have seen and learned about my options I can now make a decision for my system