Types of Economies

Types of Economies

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  • Traditional Economy
  • I am tired of living my life like this!
  • New Places
  • Freedom of Choice
  • I must travel somewhere else! I need more control in my life!
  • Sally is tired of the way people are living in her traditional economy, Yemen. There are no advancements and everything stays the same. Everyone else is fine with the traditional customs, but she is not. Sally decides she wants to experience new economies in different places.
  • Market Economy
  • This is so much better!
  • Tired of her traditional economy life, Sally travels to North Korea as a chance for new experiences. Although North Korea is a command economy, which means citizens do not have much control over their lives. The government controls almost everything in this type of economy.  
  • One Last Economy
  • Sally realizes how important freedom of choice is to her. Freedom of choice allows Sally to make her own choices and liver her life how she wants. Freedom of choice is beneficial to citizens so they feel noticed within the society.
  • Mixed Economy
  • Of course I can help you find what you're looking for!
  • Sally travels to a market economy (Canada), meaning that the people have control and ownership over the resources. People have the right to own private property (they own their own land), which Sally prefers because in a command economy that is not an option for the people. Ownership of private property in beneficial, so that citizens have more freedoms.
  • Sally decides she still wants to experience the one last type of economy. She travels to the United States to start her own business and make a profit. A profit is a financial gain, in this case a gain for Sally would be a gain for the producer. This is beneficial to Sally so she does not have to be dependent on anyone else for her financial needs.
  • Although Sally liked the market economy, she felt happy in the mixed economy. A mixed economy has government control over resources, but the people get to make other decisions. Sally had competition in her business (other businesses in the same field trying to make the most profit), however this is beneficial to the consumer because there are more options.
  • Thank you!
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