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- Hey john tell me everything you know about the 4 types of economic systems. I have a very important test tomorrow at school.
- The four types of economic systems are called traditional,mixed, market,and command economic systems.
- Oh ok now can you tell me about traditional and market economies?
- Ok first lets start by talking about a traditional economy and how it uses the customs and beliefs of the past to answer the three economic questions what how and for whom to produce. Also just so you can know villages in africa are examples of a traditional economy. Lastly they use bartering which is trading without money.
- Now a market economy is where individuals make the decisions about how resources are used and they answer the three economic questions. The closest country to a market economy is australia. Its something called free enterprise.
- Ok now the last two economic systems tell me about mixed and command economy. Hurry because its getting dark.
- Ok so a command economy is where the government has control of everything and they answer the three economic questions. An example of a command economy is cuba. They are a communism country.
- Lastly tell me about a mixed economy.
- Finally a mixed economy is a economic system mixed of market and command economy. So some individuals make choices and the government make some choices. An example of a mixed economy is the United States. Most modern economies have this type of economic system.
- Thank you so much for helping me understand the 4 types of economic systems john. Hopefully I ace the test.
- You are welcome james anytime, but I will see you later i am going in for the night.
- Ok thanks once again john see you later i am going in too.
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