Economic systems

Economic systems

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  • School Starts
  • I cant wait to see my new teachers.
  • Mr Smith
  • Hello class, I am Mr.Smith,I am going to be teaching you about Traditional economy.
  • Mrs. Jones
  • Today I am going to explain the concept of Command economy.
  • This is Maddie, she is walking into her first day of senior year.
  • Lunch Time
  • No, please explain.
  • Do you know how the Market economy applies to the lunch room?
  • Mr. Smith taught us that a traditional economy was center towards a family, tribe, or ethnic group.  Its an economic system where tradition and custom govern economic decisions. Some examples are Haiti and Ethiopia.
  • Mr Johnson
  • Good afternoon! Today we are going to be learning about Mixed economy.
  • We learned about how command economy means the government, or other central authority, makes all economic decisions. Some countries with command economy is North Korea and Cuba.
  • Gym
  • She explained that economic decisions are made by individuals competing to earn profits based on supply and demand. Some countries that follow the market economy are the United States, France, and the United Kingdom. 
  • Mr Johnson told us that mixed economy combines elements of pure market and command economies; government and individuals share the economic decision making process.  China, Canada, Russia, and Sweden are all countries that follow mixed economy.
  • In Gym I had the freedom of choice to choose whichever person I wanted to share my locker with. This is beneficial because I can choose one of my friends who I can trust with my locker combination. 
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