Economies
Storyboard Text
- Sis, doesn't all countries have the same economy?
- Of course not. Different countries have different needs,
- Mainly, there are 3 different types of economic systems. Traditional, command, and market. They all are controled by different people, but have the same basic questions. What to produce, how to produce, and for whom to produce.
- Wow!!!
- Ohh.
- In a traditional economy, clothing, food, shelter, and tools are produced. These things are made from the community, such as peoples skills. For who these are produced for, it depends on the type, but some just swap things instead of using money.
- In a command economy, just about everything is controled by the government. The government decides what goods and services are produced, how they are produced, and they decide who gets certain things.
- Lastly, a market economy is when the people or consumers have economic freedom and have most power. Consumers have there own businesses and buys what goods and services they choose.
- Thanks sis, I think I understand it now.
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