types of economy story board
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Mila Green is the Vice President of the Bureau of Economic and Business Affairs. Her assignment is to got to different countries and study the different economies there and the way businesses are ran over there,
In capitalism, Freedom of Choice is when business "owners" have the freedom to choose who they can employ and what kind of goods and services will be available to consumers.
The first country she goes to is Cuba. She notices that Cuba has a Command Economy as the bosses have very limited to none freedom of choice when it comes to running their businesses.
The next country Mila goes to is Mexico. Unlike Cuba, she sees that Mexico has a Market Economy as the owners have the freedom to choose their workers, how to run their business, and what to sell. For that reason, she notices competition between the businesses there.
In Capitalism, Competition occurs; when the owners of resources compete with one another over consumers, goods, and services
Immediately after Mila got of the plane to Haiti, she quickly saw a difference in the way life ran there than in the Latin America. She notices a Traditional Economy, the people only produced what was needed due to lack of resources and the way products were products hadn't changed.
There was not much profit, or money, to be made because the people could not afford high prices, and the owners do not have or cannot afford to make a large supply of
Mila had one last place to go to before she arrives back home. On the last day of her stay in Qatar, she saw a mix of both Command and Market economies, or a mixed economy. Although some resources to businesses are owned by the government, people still had the right of private property; one can own, use, or dispose of things of value.
Mila came back home with just the right information to support her claim on why the 4 principles of Capitalism is so beneficial to an economy. The Freedom of Choice and Competition is important because pushes businesses to compete to keep their prices low and make quality improvement in products and services. Through those two factors, Private Property plays is important also because businesses need to design their place to satisfy the people, and with that the business who is winning in the competition receives the most Profit as the consumers are most pleased by them.
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