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Command Economy This is Gerald. Gerald has a farm in North Korea, where all of his plants and harvest goes to the government. His country is a command economy.
Command Economy Gerald doesn't get any of the crops he produces because the government owns it and takes it all. Korea is a command economy, so they own and control all of the resources.
Market Economy This is Gerald's friend, Jeffrey. Jeffrey also owns a farm in the United Kingdom. His country is a market economy. Jeffrey has Freedom of Choice, which means he has a choice on what he grows. This is beneficial because it allows him to choose to plant whatever crop will grow best in any given season.
Market Economy After Jeffrey harvests his crops, he goes to town to sell his crops at the farmer's market. A market economy is where all resources are owned by the people.
Traditional Economy This Gerald's friend, Rob. Rob lives on a farm in Africa, where he sells his crops the way they have always been. A traditional economy is where goods are services are produced they way it has always been. Rob earns a Profit when he sells his crops, meaning he gets money for what he sells. This is beneficial because needs money in order to provide for him and his family.
Traditional Economy Rob grows his crops and sells to the people of his town or city when he harvests them. This is they way the economy has always been and that's why it is considered a traditional economy.
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