Types of Economies

Types of Economies

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  • Types of Economies Storyboard By: Trevor Stender Starring: Alfred Smith
  • First we will look at the different types of economies 
  • North Korea is one of the only command economies that are still running today
  • Alfred will be taking us on a journey to many different places showing how different economies are run compared to each other.
  • The United States is a market economy just like many countries such as France and the United Kingdom
  • Alfred will be taking us to a command, market, traditional and mixed economy today.
  • Economies that are traditional economies generally are countries that cannot afford to upgrade their systems of producing goods and services such as Haiti
  • Command Economy- A command economy is when the resources are owned and controlled by the government
  • In mixed economies like China, Canada and Russia they have command economy qualities and market economy qualities 
  • Market Economy- A market economy is when the resources are owned and controlled by the people of a country 
  • Traditional Economy- A traditional economy is when goods and services are produced the way they always have been
  • Mixed Economy- A mixed economy is when elements of command and market economies mix together
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