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Economic systems
Updated: 10/2/2020
Economic systems
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Storyboard Description

Ms.Rogers 4th period Social Studies class Sep 25,2020

Storyboard Text

  • 3 examples of economic systems are;Traditional, Free Market, Command
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  • what are 3 types of economic systems?
  • A traditional economy produces what they need to survive
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  • A free market economy is based on with little or no government control,and in a free market economy they focus more on law of supply and demand, rather than a central government, regulates production and labor.they produce it by selling their goods and services at the highest price people would be willing to pay they produce it or the people who shop/use the services or companies
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  • how dose it produce it?
  • command economy produces The "government decides the means of production and owns the industries that produce goods and services for the public."they produces it by governments giving more military items and distribute much of its resources to do this and they produce it for
  • they hunt,gather,and farm.
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  • who do they produce it for
  • Whoever usually received products will receive them again
  • okay well what about free market what do they produce?how do they produce it ?and who do they produce it or ?
  • wow! your so smart! ...what about command now
  • cool! thanks for telling me about econ types !
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